Forex Forum > Questions & Answers > General Trading Talk >

Iran Stops Selling Oil in US Dollars

Forum

 
LinkBack Thread Tools Search this Thread Display Modes

Iran Stops Selling Oil in US Dollars
  #1 (permalink)  
Old 12-09-2007, 04:48 AM
scorpion's Avatar
Forex Guru
 
Join Date: Aug 2004
Location: Behind You
Posts: 2,104
scorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to behold
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.

Source: Xinhuanet
__________________
Make easy pips with the Advanced Economic Calendar for Forex Trading.
Quote
  #2 (permalink)  
Old 12-09-2007, 04:53 AM
scorpion's Avatar
Forex Guru
 
Join Date: Aug 2004
Location: Behind You
Posts: 2,104
scorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to behold
This is a bad news for USD, definitely a blow to US economy, while Yen and Euro have got good support again. I can sense that those oil corporations will dump USD back into the market for non-us currencies, and that would be a chaos for the dollar.

What do you think? Will this lead to the continued fall in USD or otherwise?
__________________
Make easy pips with the Advanced Economic Calendar for Forex Trading.
Quote

Similar Threads
Thread Thread Starter Forum Replies Last Post
Wanted :EA - Trailing Stops lakota System Coding 9 01-26-2011 01:17 PM
How To Saves Thousands Of Dollars On Trading Course Materials traderslibrary Classified Ads 3 08-22-2009 10:10 PM
Trailing Stops with MA crossover Dave77 MetaTrader and ZeroCode 3 03-18-2008 11:02 PM
Hunting for stops jgerousis Tutorials, Tips & Tricks 0 03-12-2007 09:46 PM
setting trailing stops as a percentage? benomatron MetaTrader and ZeroCode 1 10-27-2006 02:10 AM