Iran General NewsIran virtually free of U.S. dollar in oil revenues

Iran virtually free of U.S. dollar in oil revenues

-

Reuters: Iran, at odds with the West over its nuclear program, has effectively cut all ties with the dollar when it comes to oil revenues, a top Iranian oil official said on Monday. LONDON (Reuters) – Iran, at odds with the West over its nuclear program, has effectively cut all ties with the dollar when it comes to oil revenues, a top Iranian oil official said on Monday.

For nearly two years, OPEC’s second biggest producer has been reducing its exposure to the dollar, saying the weak U.S. currency is eroding its purchasing power. Tehran is now fetching roughly $87 a barrel on daily crude sales of 2.4 million.

“This is an economic decision and we’ve been proven right. Over time the dollar has got weaker and weaker,” Hojjatollah Ghanimifard, international affairs director of the state owned National Iranian Oil Company (NIOC) told Reuters.

“On a macro-economic level, nearly all of Iran’s crude oil sales are now being paid for in non U.S. currencies.”

Ghanimifard said less than 20 percent of Iran’s oil export earnings are in yen and the rest in euros.

He explained that NIOC is receiving more than 80 percent of its payment for crude in currencies other than the dollar.

The remainder is settled in euros through a long-standing clearing arrangement between Iran’s Central Bank and various Asian governments.

Iran presented its economic case against the dollar at an OPEC heads-of-state summit in Riyadh at the weekend.

The Islamic Republic and anti-U.S. ally Venezuela made clear before and after the summit they would press for action, which could include pricing oil in a basket of currencies.

“If there is a decision to do that, it would be a very easy procedure between the buyer’s and seller’s banks,” said Ghanimifard.

About 60 percent of Iran’s overall crude sales are destined for Asia, with the remainder moving mostly into Europe and Africa. The United States has banned imports of Iranian crude since 1995.

(Reporting by Peg Mackey)

Latest news

Iran – Conflicting State Policies Deepen Social Crises

The Iranian regime has decided to spend about $800 million to encourage more childbirths in 2022 in an attempt...

NCRI Hosts Conference in France To Address the Need To Hold the Iranian Regime Accountable for Its Crimes

On January 17, the National Council of Resistance of Iran (NCRI) hosted a conference in Auvers-sur-Oise, north of Paris,...

Iran’s Regime Tries To Whitewash Its Crimes

Iran’s State Prisons and Security and Corrective Measures Organization, which is under the supervision of the Judiciary, has distributed...

Iran: Raisi’s Six-Month Economic Record Contrasts Sharply With His 7,000-Page Program

In the summer of 2021, the Iran regime’s supreme leader Ali Khamenei installed the infamous Judiciary Chief Ebrahim Raisi...

Iran’s Export in the Casino of the State Mafia

The Chairman of the Tehran Chamber of Commerce, Mohammad Khansari, has stated that the total volume of exports of...

Will Iraq Get Ever Free of Iran’s Sway?

After many years and massive popular protests, there are indications that Iraq’s body politic has decided to separate its...

Must read

The Support Within the Us Congress for the MEK Is Across the Board

Iran Focus London, 29 Nov - Breitbart has accused Politico...

Iran’s YouTube generation

Wall Street Journal - REVIEW & OUTLOOK: Iran's universities...

You might also likeRELATED
Recommended to you