Iran slashes oil transactions in dollars

Iran slashes oil transactions in dollars

afp.google.com

TEHRAN (AFP) — Iran has slashed the use of the dollar in payment for its oil exports to 15 percent, an official said on Tuesday, amid growing pressure from arch-foe the United States on its financial system.

The vast majority of transactions for oil from OPEC's number two producer are now being carried out in euros, said Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company in charge of marketing.

(visit the link for the full news article)

Well, this is interesting, but not really new. Could this trigger an attack on Iran? Is this one of the reasons why tension with Iran mounts?

afp.google.com
(visit the link for the full news article)

ok, whn he did this, he pretty much signed an act of war. the U.S. absolutely cannot stand for this I'm afraid. it doesn't matter who is president the U.S. will attack Iran and put a stop to this or else it will set a precedent(SP) and others will follow suit. this will cause the explosive demise of the greenback and the U.S. economy as we know it. thank God I have stored up food and water for an entire year.

Any self respecting bully won't let a single nerd sneak by without getting their lunch money...or else all the nerds will get a bright idea and unite.

Im interested in the stock market absorbing this little gem!

nice one Iran
protect their intrests
the dollor sucks big time and is very unstable

im sure the US would have done the same thing Vice versa

When did this happen? If it is "slashed" to 15%, what was it traded at before? I am curious if this is sensationalism or if this is really new big news.

Actually the are also favoring the Yen over the dollar boosting the Japanese economy as well.

After all Japan holds over 600 billions of US debt and they were no doing very well for that reason.

China now is the one taking over Japan support of our debt but the problem is that China has been able to amass and incredible amount of cash.

This one is going to be a very interesting twist against US dollars.

But remember this was one of the reasons Iraq got invaded, now US can not do a thing against Iran because it will need China to finance more of our debt to pay for another war.

I think our nation is between the Chinese sword and the great wall of China.

China will never allow US to invade Iran, and as our biggest debt investor they have lots of leverage to play their cards and influence our foreign policies, regardless of what many think .



[edit on 3-10-2007 by marg6043]

A newer article than that came out. They have stopped trading with the dollar all together.

www.presstv.ir...

FTA
"Deputy Director of the National Iranian Oil Company, Mohammad-Ali Khatibi, says that "Iran has halted oil transactions in US dollars."
"


Wow, this should be chaotic.

reply to post by Karlhungis


Thats basically the same article. What Iran is saying is that 15% of there oil remains being traded in US Dollars. They will soon shift the rest of that 15% to other currencies, claiming the shift to be a result of the weak dollar and the US mortgage crisis.

The scary thing, as mentioned earlier in this post, is the belief that we invaded Iraq over this very situation.

See the problem is that since the US dropped the gold standard, the dollar was basically backed by oil trading (all oil was traded in US dollars when OPEC was founded). Now, with a weak dollar and with oil prices SKYROCKETING - oil countries aren't getting the best value for their oil by trading in US currency.

The fear here is that all of the other OPEC countries might follow suit and then we can all say good bye to the dollar.

reply to post by TruthWithin


That is why US is allowing for Arabs to buy part of the NASDAQ and get into the Carlyle group investing firm to keep them happy.

After the bad port deal, remember that one?

But now we may see how much friendship is real or just fake, after all the oil rich Arabs nations has never been very happy with US involvements in the middle east favoring Israel.

Iran feels motivated to follow its enemy Israel in wanting the euro as payment since Israel told the US they wanted there aid cash paid in euros, Iran wishes payment in another denomination that appears to be worth more than a dollar now. And there suppose to be the bad guy for this!.

By the way, the price for a barrel of oil has risen, but gas prices are dropping. What is up with that.

www.abovetopsecret.com...

^^ iran to trade oil in Euro


www.abovetopsecret.com...

^^ Russia to trade oil in Rubles

www.abovetopsecret.com...

^^ China set to dump the dollar


the pieces are moving into postion - economic warfare has allready started and the US is feeling the loses allready.


what will you do when bread is $5 a loaf or fuel is $10 a gallon?

I think some people are jumping to conclude too fast on this. This has been going on for years, its been a slow process, but its been something the U.S. has been able to deal with, with out an issue.

The real inflation of the dollar is only when the fed reserve prints out more monopoly money. The fact that the dollar is shrinking on a global scale isn't that important. Whats important is who owns all the gold... the federal reserve does. So the idea of the dollar shrinking is just an ILLUSION. Its loosing value but it doesn't matter! The federal reserve can increase its value with a flick of a finger and I'm not talking about just inflating it more. They can simply give the dollar more REAL value to keep the profit flowing for them.

Originally posted by Techsnow
Its loosing value but it doesn't matter!

You know for somebody who has a "support Ron Paul" message in his signature I would have thought you'd have a better understanding of the situation.

It doesn't matter?



Welcome to the new serfdom, just like the old serfdom...
.

Ya I guess I should say it doesn't matter to the federal reserve
...since of course they are holding back the true value of the dollar... or they could increase the value I should say.

But yah, you're right its still serfdom and believe me I'm not supporting that.
Honestly at times I wonder if someone behind the scenes wants the US economy to crash, it really seems that way to me.

Came across this little 2004 nugget written three years ago re Iran's Oil and what the reason will seem to be and what the actual reason will be to attack Iran. Sound familiar?
____
"Oct, 2004:
The Iranians are about to commit an "offense" far greater than Saddam Hussein's conversion to the euro of Iraq’s oil exports in the fall of 2000. Numerous articles have revealed Pentagon planning for operations against Iran as early as 2005. While the publicly stated reasons will be over Iran's nuclear ambitions, there are unspoken macroeconomic drivers explaining the Real Reasons regarding the 2nd stage of petrodollar warfare - Iran's upcoming euro-based oil Bourse..."
www.globalresearch.ca...
___

Yikes..run for cover.

Dallas

Originally posted by icybreeze
ok, whn he did this, he pretty much signed an act of war. the U.S. absolutely cannot stand for this I'm afraid.

Since when did choosing which currency to trade in become an act of war?

What a particularly absurd claim.

No one "has" to trade in US currency. I thought you guys were supposed to laud the free market economy???