Iran Stops Selling Oil in US Dollars
TEHRAN, Dec. 8 (Xinhua) -- Iran, the world's fourth largest oil exporter, has completely stopped selling its oil in U.S. dollars, the ISNA news agency reported on Saturday.
In line with the policy of selling crude oil in non-dollar currencies, currently selling our country's oil in U.S. dollars has been completely stopped," Iran's Oil Minister Gholam Hossein Nozari was quoted as saying.
"The dollar is an unreliable currency in regards to its devaluation and the loss oil exporters have endured from this trend," he added.
"This is why Iran proposed to OPEC members that a currency (for selling oil) would be determined that would be reliable and would not cause any loss to exporter countries," Nozari said. He was referring to the November summit of the Organization of Petroleum Exporting Countries (OPEC) in Saudi Arabia in which Iran proposed that it is necessary to replace the U.S. dollar with other major hard currencies in oil trading.
Over the past months, Iran has massively reduced its dependence on the U.S. dollar in a bid to counter the United States' pressures on its financial system over Tehran's disputed nuclear program.
|Thread Tools||Search this Thread|
|Thread||Thread Starter||Forum||Replies||Last Post|
|Wanted :EA - Trailing Stops||lakota||System Coding||9||01-26-2011 12:17 PM|
|How To Saves Thousands Of Dollars On Trading Course Materials||traderslibrary||Classified Ads||3||08-22-2009 09:10 PM|
|Trailing Stops with MA crossover||Dave77||MetaTrader and ZeroCode||3||03-18-2008 10:02 PM|
|Hunting for stops||jgerousis||Tutorials, Tips & Tricks||0||03-12-2007 08:46 PM|
|setting trailing stops as a percentage?||benomatron||MetaTrader and ZeroCode||1||10-27-2006 01:10 AM|
Registered members gain free access to online FOREX currency trading tools, foreign exchange software, Metatrader MT4/MT5 expert advisors, MT4 indicators and EAs. Register now