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Monday, November 19, 2007

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

They Executed Sadam for doing just that didn't they?
What ya gonna do, this time Georgie, hang all the mullahs in Iran.
LONDON, Nov 19 (Reuters) - Iran, at odds with the West over its nuclear programme, 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."
LinkHere
"This notion that the United States is getting ready to attack Iran is simply ridiculous...Having said that, all options are on the table." --
President George W. Bush, February 2005

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