TEHRAN–Iran, OPEC's second-largest producer, has stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq.
Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the American currency.
Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned producers because it has contributed to rising crude prices and eroded the value of their dollar reserves.
"The dollar has totally been removed from Iran's oil transactions," Oil Ministry official Hojjatollah Ghanimifard told state-run television Wednesday. "We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies.''
Iranian President Mahmoud Ahmadinejad called the depreciating dollar a "worthless piece of paper" at a rare summit last year in Saudi Arabia attended by state leaders from the Organization of Petroleum Exporting Countries.
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http://www.thestar.com/article/419962
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http://www.reuters.com/article/reutersE ... 2920071012
It seems that the move away from the US dollar is now 100% complete and Iran is no longer accepting US dollars period, i.e., buyers need to pay for Iran's oil with non US currency or buy elsewhere.
Just when the dollar may be bottoming!
Good timing mullahs!
When you and I are long dead?
A currency must be freely tradeable before we can contemplate it even being more than 0% of the global reserve system.