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Post by unlawflcombatnt on Oct 3, 2007 20:37:41 GMT -6
from AFP: Iran slashes oil transactions in dollars10/2/07 ' Iran has slashed the use of the dollar in payment for its oil exports to 15 percent, an official said on Tuesday, amid growing pressure from arch-foe the United States on its financial system.
The vast majority of transactions for oil from OPEC's number two producer are now being carried out in euros, said Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company in charge of marketing.
"Iran is selling about 85 percent of its oil in the non-dollar currencies," Khatibi was quoted as saying by state television.
"Currently, about 65 percent of the oil sale income is in euros and 20 percent in yen," Khatibi added.
Japan, which purchases 20 percent of Iran's crude oil, has recently agreed to pay for the crude oil in yen, he said.
He also said that the remaining sums being paid in dollars, about 15 percent, are going to shift to "other creditworthy currencies".
Khatibi also cited the United Arab Emirates dirham as one other possible currency for use in oil transactions.
He said the main reason for the move was fluctuations of the dollar on the currency markets and the depreciation of its value since 2004....
Iran, the world's fourth largest oil exporter, has massively cut down its dependence on the dollar in the face of US pressures...."
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Post by graybeard on Oct 4, 2007 0:03:18 GMT -6
Yeh, Bu$h, way to go.
GB
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