It’s started
Hold on to your wallets folks this is just the start of the decline of the US dollar.
TEHRAN, Dec. 5 (MNA) — Iran has started replacing dollar with euro in majority of its crude oil exchanges in the last several months, an informed source with Iran’s Oil Ministry said here on Tuesday.
Oil Ministry has taken the policy to substitute dollar with euro, and begun to implement it for most of its oil dealings, the source who spoke on the condition of anonymity told the Mehr News Agency.
“This can maintain the real value of Iranian oil,” he added.
The majority of Iran crude’s customers are Asian and European states, the source noted.
Iran is the number two oil producing member of the Organization of the Petroleum Exporting Countries (OPEC). It also stands second behind Russia in terms of gas reserves in the world.
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Pingback from Doug’s Dynamic Drivel » Iran –> Oil —> Currency
Time: 3/28/2007, 6:37 pm
[...] at all wondering why the US is hot to trot to take on Iran here’s your answer. I’ve mentioned it numerous times gong back at least 3 years. It’s not just that Iran has very large reserves [...]