In a move to snub Washington and their petrodollar-Nixon deals of the 1970s, Iran, who has started selling oil again, has asked to be paid in Euros – not USD.
The reports came in early this year, but this week, Iran has started selling their condensate to BP. This follows mid-year deals with the company for their crude. Iran is also said to be in the process of negotiating sales for crude with British companies, potentially shaking up the international arena.
The sales follow the recent lift of sanctions, allowing the nation to restore a grasp on the world market and possibly paving the way for them to return as a top ranking oil producer.
Some say Iran’s contribution may equate to some 600,000 to a million barrels per day.
If Iran – a tenuous OPEC member – persists in accepting Euro over Dollar, tensions with Saudi Arabia and Saudi-U.S. relations are likely to increase.
Iran is the last country to sell oil and opt for any currency over the Dollar. Syria was the other nation. “Iran has long attempted to switch to euros or other local currencies for its exports for several reasons including Tehran’s deep-rooted animosity toward the U.S.,” says Harvard University’s Middle East scholar, Majid Rafizadeh.
If anything is to be noted, there has been no shortage of interest from other nations who will happily deal in Euro rather than US Dollar, including from Europe and Asia. Oil prices are now falling on the back of Iran sales. What Saudi Arabia’s actions are, and America’s in the near future, is anyone’s guess.
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This is why Iran prefers the Euro (The dollar is dying): “The Death of the U.S. Dollar Commenced on Sept 30, But Watch What Happens on Oct 7…
It all began 11 months ago, when the IMF voted to make the Chinese yuan a reserve currency, by adding it to its basket of Special Drawing Rights (SDRs). Now, this seismic change is official: As of September 30, 2016, the yuan was officially added to the SDR. Years from now, we may recognize this date as “the day the dollar died” – when SDRs replaced the USD as the world’s sole reserve currency. But for the dollar, there’s more trouble to come… The Next BIG Event Happens October 7, 2016. On October 7, the IMF convenes in Washington to consider, according to Jim Rickards, “additional steps to expand the role of SDRs and make China an integral part of the new world money order.” In other words, the yuan is about to get stronger… and the dollar is about to get MUCH weaker. The writing is on the wall: A significant devaluation of the USD is on the horizon. Thanks to a little-known (but legal) IRS Tax Law, you can move your IRA or 401(k) out of a dying dollar and into Gold – it’s what Dr. Ron Paul calls his “insurance against the dollar fiasco.”