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| Syria-Lebanon-Iran |
| Iran mulls currency switch for EU oil sales |
| 2010-07-17 |
| [Al Arabiya Latest] n a move that looked like an attempt to blunt the impact of financial sanctions soon to be adopted by the European Union, the International Oil Daily industry newsletter said that Iran is considering switching payments for its crude oil exports to Europe to the UAE dirham currency instead of the euro. It quoted industry sources as saying the state National Iranian Oil Co. (NIOC) had sounded out European term customers about the possible change, but had yet to make a firm decision. "There's something happening -- the Iranians are testing solutions," it quoted one industry executive as saying. "They've put out feelers very recently about taking payment for oil in dirhams." It quoted another industry source as saying the move was prompted by concerns in Tehran that euro transactions were no longer safe and could be blocked by EU member states. "Basically, they'd be happy to get paid in any currency as long as it's not the dollar or the euro," the source said. Although Iran's crude oil exports are priced in dollars and are likely to remain so for some time, all of its customers pay in other currencies, it said. |
| Posted by:Fred |
| #2 I think it's brilliant. American money is icky, and by making the change Iran can participate in the weakening of the euro against the dollar. |
| Posted by: trailing wife 2010-07-17 13:28 |
| #1 LOL! I advise use of the Bolivar. |
| Posted by: Shipman 2010-07-17 10:40 |