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Iran Drops Dollar From Oil Deals: Report

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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 11:56 AM
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Iran Drops Dollar From Oil Deals: Report
TEHRAN (AFP) - 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 agency.

"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.

---EOE---

http://news.yahoo.com/s/afp/20071208/ts_afp/iranforexdollaroil_071208094246
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DainBramaged Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 11:57 AM
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1. Oh shit, I guess Georgie has gone and done it now
Gonna be a expensive winter
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Teaser Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 11:58 AM
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2. only a few more screws need to shear off
before the bottom drops off the US economy completely.
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