Iran says it wants to settle payments for its new and outstanding oil sales only in euros.
Reuters: Exclusive: Iran wants euro payment for new and outstanding oil sales - source
Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief.
A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil.
"In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery," the NIOC source said.
Lukoil and Total declined to comment, while Cepsa did not respond to a request for comment.
Read more ....
Update #1: Iran confirms intention to replace dollar with euro in oil sales (Trend)
Update #2: Iran wants to dump dollar in crude trade – report (RT)
WNU Editor: It looks like some countries are going to try and take advantage of this Iranian desire to be paid in non-U.S. currencies .... India wants to pay Iran for oil in rupees (Press TV). My prediction .... the Iranians are going to stick with the Euro.
3 comments:
And this is how you start a war,it's what happened to Saddam Hussein .
Si-vis-pasen- please elaborate, thank you.
Saddam Hussein who was for a long list of reasons, a bad actor. According to the historical facts of the first Gulf War, Hussein illegally invaded Kuwait. Other facts on the ground reveal that Kuwait was using the newly perfected horizontal drilling technology to take oil surreptiously from across the Iraq border in a mutually shared oil reservoir. After going to the UN, and the OAS, for relief and receiving little blowback from the American Amb. To Iraq at the time on American preference in the dust up over the illegal drilling, the CIA backed Hussein went forward to invade Kuwait. A bad move but one made with thought and for a reason. No excuse, but historically accurate.
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