Posted on 02/07/2016 9:36:26 AM PST by BenLurkin
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 U.S. dollar following last month's sanctions relief.
A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil.
"In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery," the NIOC source said.
...
Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than U.S. dollars, said the person, who has direct knowledge of the matter.
Iran was allowed to recover some of the funds frozen under U.S.-led sanctions in currencies other than dollars, such as the Omani rial and UAE dhiram.
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 its then President Mahmoud Ahmadinejad called a "worthless piece of paper".
The NIOC source said Iran's central bank instituted a policy while the country was under sanctions over its disputed nuclear program to carry out foreign trade in euros.
"Iran shifted to the euro and canceled trade in dollars because of political reasons," the source said.
(Excerpt) Read more at reuters.com ...
If they want to keep the progressive nanny state alive, US leftists need to maintain US dollars as the worlds energy currency and the world’s reserve currency.
Bad for the dollar, bad for America.
Any deal with Iran, should mandate their use of the dollar.
Too late now.
Cloward and Piven were aiming for collapse, not sustainment.
India will return the money in beggars, thieves, murderers...a la Fidel Castro's move in sending US their jailbirds and poor folk "boat people."
Iran was FOOLISH not to get the BILLIONS up front. They know how the Indian government works. It was Iran's fault...all of it.
India doesn't HAVE enough rupees to take care of anyone but the corrupt government officials and employees.
Even I know THAT.
I prefer to believe Jesus over Cloward and Piven.
Cloward-Piven is a dated philosophy. It may have made sense for leftists 50 years ago, when they had not fully rotted out America's culture and controlled its government. Leftists and their cronies are now fully in control of America, its media, its education, its government have coopted most large industries They now have everything to lose by a debt and currency collapse. Their massive nanny state and many leftist social engineering schemes will die immediately.
I say - bring on "Cloward-Piven"
The most radical of them think they have nothing to lose, and that things can be readily conquered and rebuilt via the UN’s Stalinist construct. They would not have worked towards the collapse of the dollar if they did not believe such things.
So, now the Ayatollahs are currency traders, huh?
Well, good luck, boys.
Over the last five years the Euro has lost 26% of its value against the US Dollar.
For the last 12 months, the Euro has been roughly stable against the US Dollar, at about $1.10 USD.
The 10 year US Treasury is paying 1.8%.
The 10 year German Government Bond is paying 0.3%, and Europe is being swarmed over by millions of Third World rent seekers.
So, yeah, better scarf up those Euros, Iran!
But if Iran starts to demand Euros the exchange rate $US and € may decrease. The Eurozone has far from recovered from its malaise and an increased exchange rate will kill off any export driven recovery in southern Europe. To me it looks like Iran is trying to kill its friends with “kindness”.
Actually it is excellent t for the US and bad for Iran. The US is the least evil currency, for now, so Iran can expect a lower return on its oil as the Euro slides to irrelevancy. It means in dollar terms Iranian oil will be cheaper than it needed to be. Less money for Iran more for US.
My guess is that the Iranians are hoping to dominate Europe. Having Euros will make it easier to finance the immivasion.
How about a cold,hard slap in the face instead!
Sorry Iran, I’m the James Carville of FreeRepublic; do you need another cold, hard slap yet.
OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004
...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
2001
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
India has about US$350 billion in forex reserves. India has stopped taking any aid from most countries. The UK just stopped giving any, this year.
India has been purchasing billions of $'s worth of US Mil equipment every year, and it's paid for, unlike the arms supplied to Pakistan
Please come out from whichever rock you are skulking under.
If you'd like to be on or off, please FR mail me.
..................
The last time I was there was in the mid-1980's.
Hard to get the picture of the beggars, multilated by their parents to beg better, out of my mind. I do recall the SMELL of poverty. I've smelled it in other third world countries. Impossible to rid myself of that memory.
I also recall the traffic, the congestion, the cars SEEMING to go where they wanted to go. I guess there aren't any more water buffalo being herded in the streets.
I do recall the beauty that I saw too, but it truly was besmirched by the grinding poverty that seemed to be almost everywhere.
We lived in Saudi Arabia and traveled over the middle east. We were there five years. We saw so much. I had thought that India was dirty until we went to China. China won the dirty award.
Of course, in India we were taken only to the nicest places, as in China, so we saw the best of what the place had to offer. BOTH countries were APPALLING.
Shalimar Gardens were a joke. We heard that they were so fabulous.
We TRIED to play golf there but small boys would jump out of the bushes and steal our golf balls. Before we teed off the "caddies" had a HUGE fight as to who would be our caddies. The biggest boys won, of course.
PARDON ME for having higher standards, obviously, than you.
We also worked with a multitude of Indians in the middle east. I liked them and it was because of the good experiences with them, well with MOST of them, that we even went to India. OF COURSE, there are sourpusses everywhere.
I'm glad you love India and I'm glad that India has stopped taking aid from MOST countries. I guess you're saying that they still have their hand out for $$$ from others.
As for skulking under rocks, YOU had better watch out for those lovely COBRAS in India. I guess you HAVE to insult. Lol. You show your true mettle, personality and character...or lack of it with you snide remark. At least you were polite enough to say "please."
And so, I say THANK YOU for allowing me to delve back into my memories of your country.
Namaste.
30 year old experiences explain the rather morbid view you have, but I agree with you about the traffic !
As for cobras, there are any amount of other snakes too, but its not as if there aren't any in the US either.
And regarding the gratuitous insults, you started it by saying "India will return the money in beggars, thieves, murderers...a la Fidel Castro's move in sending US their jailbirds and poor folk "boat people." Iran was FOOLISH not to get the BILLIONS up front. They know how the Indian government works" .
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