Posted on 12/09/2007 2:17:23 PM PST by kellynla
Iran today announced a decision to end all oil sales in dollar transactions, moving one step closer to confrontation with the United States.
Iranian oil minister Gholam Hussein Nozari told the press the dollar is not considered a trustworthy currency any more, considering dollar depreciation and the dollar losses experienced by crude-oil exporting countries, according to a report published Saturday by the Iranian Student News Agency, or ISNA, in Tehran.
Nozari also strongly suggested OPEC should move to a trustworthy currency to stop the loss of oil exporting countries, according to the ISNA report.
OPEC's next meeting is scheduled for Feb. 2 in Vienna.
Iran currently has a proposal before OPEC recommending that OPEC oil-exporting countries move to sell oil in a basket of currencies, rather than dollars.
Nozari also told the ISNA that Iran plans to fulfill the Sinopec Chinese Company's recent request to purchase more Iranian oil.
In April, WND reported Iran successfully pressured China to begin paying for Iranian oil in euros, not dollars.
At the Abu Dhabi summit last week, OPEC decided not to increase production, concluding there is currently enough oil in world supplies to handle winter demand.
Iran is the world's fourth largest producer of oil, producing 4.1 million barrels of oil per day.
WND previously reported Iran and Venezuela have joined forces in an effort to undermine the U.S. dollar.
In October 2005, Venezuelan President Hugo Chavez announced that Venezuela was ready to move the country's foreign exchange holdings out of the dollar and into the euro. He also called for the creation of a South American central bank designed to hold in euros all the foreign exchange holdings of the participating countries.
(Excerpt) Read more at worldnetdaily.com ...
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Isn’t this about the 10th or 15th time they’ve done this?
And besides, I thought they were a net oil importing nation.
lmao.. Euros now?
The socialists are rejoicing @ moveon.org.
I think they should shift to the yuan.
The USA would have to exchange its money for Yen or Round Things before buying Iranian oil, except the USA doesn’t buy Iranian oil.
If the US doesn’t stop debasing its currency, nobody will want it. We can’t continue to spend and print our way to the poorhouse.
...and because the Dollar has always been easily convertible, none of this makes the slightest bit of difference anyway.
Well, isn’t this what our ‘allies’ in Europe had been hoping for? Viva the Eruo. To hell with that ugly American dollar that has brought so much evil to the world. /s
I probably shouldn’t have put an ‘/s’ on that.
Thanks Ben, drop that Fed rate by another half and see what happens. We might just see that $150.00 oil after Chavez jumps onboard the Euro train. The Saudi’s are also complaining about the value of the dollar. If they join in then look out, 200 bucks will be close behind.
Wonder how our economy will chug along with 8 dollar gasloline?
Unfortunately we may already be beyond that point, not that it will matter to 'conservatives'. Of note, Iraq considered this move in 2002 as well.....
T. Boone Pickens is a Hillary Supporter? Got a link to that?
Is this the same T. Boone Pickens that has a $1 million dollar bet with John F'n Kerry over whether he can disprove the Swiftboat truths?
God bless you, billbears. Yes, deja vu all over again with Iran this time around. [crude oil was dropping]
White hot, since at that level of dollar valuation we will be the new China to the rest of the world. They’ll have to start counting people with less than two jobs as unemployed in order to keep the unemployment rate positive.
Is the little runt begging us to bomb the “hell” out of his puny little self? I’m, often, not a patient person. From what I read, the Iran countrymen would like nothing better than him deader than a doornail as well.
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