Iran abandons dollar in oil deals

Iran abandons dollar in oil deals
Sat, 08 Dec 2007 19:40:51

Iranian Oil Minister Gholam-Hossein Nozari
Iran has halted all its oil deals in dollars following the recent OPEC proposal to trade crude in non-dollar currencies.

"The dollar is no longer a reliable currency, considering its devaluation and the resulting loss suffered by oil exporters," said Iranian Oil Minister Gholam-Hossein Nozari.

"Iran proposed in the last OPEC summit that member states use a reliable currency in their oil transactions to prevent further losses," he said, adding that the organization will come to a decision on the issue in the Vienna meeting on February 2.

Meanwhile, the organization decided to keep oil output unchanged at the Abu Dhabi summit on December 5, arguing that there was enough oil in the market to meet winter fuel demand.


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