Iran won't sell oil using dollars [View All]

[The Blue Flower]

http://seattletimes.nwsource.com/html/nationworld/2004384603_wdig01.html

Iran won't sell oil using dollars
Tehran, Iran

Iran, OPEC's second-largest producer, has stopped conducting oil transactions in U.S. dollars, an official said Wednesday, at a time of tension over Iran's nuclear program and suspected involvement in Iraq.

World markets price oil in U.S. dollars. Its declining value has concerned producers because it has contributed to rising crude oil prices and has eroded the value of their dollar reserves.

"The dollar has totally been removed from Iran's oil transactions," Hojjatollah Ghanimifard, a top Oil Ministry official, told state-run television Wednesday. "In Europe, Iran's oil is sold in euros, but both euros and yen are paid for Iranian crude in Asia," he said.