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    Friday, May 2, 2008

    Iran stops selling oil for dollars, urges neighbors to follow suit

    NICOSIA — Iran has halted crude oil sales in U.S. dollars.

    Iran is the second largest producer in OPEC. Teheran has been pressuring Saudi Arabia and other OPEC members to end their sales solely on the U.S. dollar, and instead rely on a basket of currencies.

    Officials said Teheran significantly reduced conducting oil sales in dollars in 2007, Middle East Newsline reporte. They said by early 2008 Iran demands that consumers pay for oil in euros or Japanese yen.

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    "The dollar has totally been removed from Iran's oil transactions," Hojjatollah Ghanimifard, an official at the Iranian Oil Ministry, said. "We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies."

    Kuwait, the only Gulf Cooperation Council state, has already dropped its peg to the dollar. Other GCC states blame inflation on the dollar peg.

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