WEB Notes: This article alone is the biggest news of the year. Forget about Syria and the global economic crisis raging. Iran stating it will no longer sell oil for dollars is major news. If you are not aware of the petrodollar then you need to educate yourself on it. The U.S. Dollar is the reserve currency of the world which gives this nation a major advantage over the rest of the world. Oil and everything else is traded via dollars which means there is always a demand for the Dollar. This has been changing over the last ten years and has dramatically changed over the last five as nations pull away from the Dollar. Saddam Hussein also stopped selling oil for Dollars and it meant the downfall of his nation and his death. The U.S. did not need another reason to attack Iran, but they have just been give one.
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.