Monday, December 10, 2007

Iran ends dollar oil sales


Iran has completely stopped selling any of its oil for US dollars, an Iranian news agency reported yesterday, citing the oil minister of the world's fourth-largest crude producer.

The ISNA news agency did not give a direct quote from Oil Minister Gholamhossein Nozari. A senior oil official last month said "nearly all" of Iran's crude oil sales were now being paid for in non-US currencies.

For nearly two years, Opec’s second biggest producer has been reducing its exposure to the dollar, saying the weak US currency is eroding its purchasing power....MORE