Message:

<p>[QUOTE=&quot;Yankee, post: 704874, member: 18618&quot;]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 &quot;unreliable&quot; currency.</p><p>&quot;At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,&quot; Nozari was quoted as saying by the ISNA news agency.</p><p>&quot;The dollar is an unreliable currency, considering its devaluation and the oil exporters&#039; losses,&quot; he added.</p><p>The world&#039;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 <a href="http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html#" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html#" rel="nofollow">financial</a> system.</p><p>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.</p><p>Washington has also blacklisted major Iranian banks for alleged support of terrorism and seeking nuclear weapons, charges denied by Tehran.</p><p>Iran has reduced its <a href="http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html#" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html#" rel="nofollow">assets</a> 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.</p><p>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 currencymarkets - after four days of losses risky assets rallied nicely overnight. (We also have a bizarre story from the UK Independent newspaper saying that Gulf states are talking with Europeans and the Chinese in order to denote oil sales) .<a href="http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html" rel="nofollow">http://rawstory.com/news/afp/Iran_drops_dollar_from_oil_deals_re_12082007.html</a>[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in