Iran demands to Trade Oil in Euro’s and not Dollars

 “Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the US dollar following last month's sanctions relief.

Switching oil sales to euros makes sense as Europe is now one of Iran's biggest trading partners.

Iran has pushed for years to have the euro replace the dollar as the currency for international oil trade. In 2007, Tehran failed to persuade OPEC members to switch away from the dollar, which it’s then President called a "worthless piece of paper".

Iran has the world's fourth-largest proved reserves of crude oil, and expects to quickly increase production, which could lead to tens of billions of euros worth of new oil trade.

Indian government sources confirmed Iran is looking to be paid in euros. Tehran has asked to be paid using the exchange rates at the time the oil was delivered, along with interest for those payment delays, Indian and Iranian sources said.

Undoubtedly, for those advocating the demise of the dollar as a World Currency, this is yet another step in that direction. In addition we see it as support for the Euro which has recently been flagging and an indication that Iran intends to increase oil production to such levels that we may indeed see oil fall back below the $30 level. What are your thoughts? Has Iran stabbed Obama in the Back? Was this already pre-planned? Will this cause the dollar’s value to fall further and push up the price of gold? We’d like to hear your views.





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