Iran replaces dollar with euro in most oil dealings

Alert Focus: Mammon / The Third Seal / The prince of the kingdom of Persia Editorial Note: This article originally appeared in the December 9, 2006 edition of Moriel's Be Alert! email newsletter. MEHR NEWS AGENCY - December 5, 2006 -- TEHRAN — Iran has started replacing dollar with euro in majority of its crude oil exchanges in the last several months, an informed source with Iran’s Oil Ministry said here on Tuesday. Oil Ministry has taken the policy to substitute dollar with euro, and begun to implement it for most of its oil dealings, the source who spoke on the condition of anonymity told the Mehr News Agency. “This can maintain the real value of Iranian oil,” he added. The majority of Iran crude’s customers are Asian and European states, the source noted. Iran is the number two oil producing member of the Organization of the Petroleum Exporting Countries (OPEC). It also stands second behind Russia in terms of gas reserves in the world. http://www.mehrnews.ir/en/NewsDetail.aspx?NewsID=416994 FAIR USE NOTICE: This blog contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of religious, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.