Iran Drops Dollar From Oil Deals
Agence France-Presse, December
Major crude producer Iran has completely
stopped carrying out its oil transactions in dollars, Oil Minister
Gholam Hossein Nozari said on Saturday, labelling the greenback
an "unreliable" currency.
"At the moment selling oil in dollars has been completely
halted, in line with the policy of selling crude in non-dollar
currencies," Nozari was quoted as saying by the ISNA news
"The dollar is an unreliable currency, considering its devaluation
and the oil exporters' losses," he added.
The world's fourth largest oil exporter, Iran has massively reduced
its dependence on the dollar over the past year in the face of
US pressures on its financial system.
The United States has successfully encouraged major European and
Asian banks to cut their dealings with Iran in a bid to make the
Islamic republic give way on its controversial nuclear programme.
Washington has also blacklisted major Iranian banks for alleged
support of terrorism and seeking nuclear weapons, charges denied
Iran has reduced its assets in dollars held in foreign banks and
urged OPEC to take collective action to price oil in other currencies
such as the euro, instead of the US currency which is used across
the world at present.
The fall of the dollar, which has weakened considerably against
the euro and other currencies in the past 12 months, has affected
the revenues of OPEC members because most of them price and sell
their oil exports in the US currency.