Guardian: Iran virtually free of U.S. dollar in oil revenues
Iran virtually free of U.S. dollar in oil revenues
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. Ghanimifard said less than 20 percent of Iran's oil export earnings are in yen and the rest in euros.
He explained that NIOC is receiving more than 80 percent of its payment for crude in currencies other than the dollar.The Islamic Republic and Venezuela made clear before and after the summit they would press for action, which could include pricing oil in a basket of currencies.
