Iran has Halted Oil Transactions in Dollars (AFP)

[katty]

more:
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071208%5cACQDJON200712080440DOWJONESDJONLINE000007.htm&

Oil Min: Iran Has Halted Oil Transactions In Dollars -AFP

TEHRAN (AFP)--Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labeling 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 U.S. pressures on its financial system.

[CottonBear]

1. Uh oh. Bush*-Cheney et al are gonna be really pissed off now. n/t

[indepat]

2. Winning the hearts and minds of a people, one at a time

[dantyrant]

3. This is hardly out of the blue.

They've been asking for Euros and Yen, and getting them, for some time now. This just formalized it.

The Iranian Oil Bourse, an int'l Energy exchange in which oil was to have been traded in Euros, was set to open in 2006; The project was stalled bude to UN sanctions.

http://bubbaspot.blogspot.com/2006/07/proposed-iranian-oil-bourse.html