Oil Exporter Country start to Ditch US$ Currency & Adopt Euro$, US$=Oil-less$

Long awaited change is beginning to take place. US$ = Shit. But should use RMB$ instead of Euro$.




http://www.reuters.com/article/us-oil-iran-exclusive-idUSKCN0VE21S


Exclusive: Iran wants euro payment for new and outstanding oil sales - source
NEW DELHI | By Nidhi Verma
A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. REUTERS/Raheb Homavandi/TIMA
A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015.
Reuters/Raheb Homavandi/TIMA

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.

"In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery," the NIOC source said.

Lukoil and Total declined to comment, while Cepsa did not respond to a request for comment.

Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than U.S. dollars, said the person, who has direct knowledge of the matter.

Iran was allowed to recover some of the funds frozen under U.S.-led sanctions in currencies other than dollars, such as the Omani rial and UAE dhiram.

Switching oil sales to euros makes sense as Europe is now one of Iran's biggest trading partners.

"Many European companies are rushing to Iran for business opportunities, so it makes sense to have revenue in euros," said Robin Mills, chief executive of Dubai-based Qamar Energy.

Iran has pushed for years to have the euro replace the dollar as the currency for international oil trade. In 2007, Tehran failed to persuade OPEC members to switch away from the dollar, which its then President Mahmoud Ahmadinejad called a "worthless piece of paper".

The NIOC source said Iran's central bank instituted a policy while the country was under sanctions over its disputed nuclear program to carry out foreign trade in euros.

"Iran shifted to the euro and canceled trade in dollars because of political reasons," the source said.

BOOST FOR EURO TRADE

Iran has the world's fourth-largest proved reserves of crude oil, and expects to quickly increase production, which could lead to tens of billions of euros worth of new oil trade.

Iran's insistence on being paid in euros rather than dollars is also a sign of an uneasy truce between Tehran and Washington even after last month's lifting of most sanctions.

U.S. officials estimate about $100 billion (69 billion pound) of Iranian assets were frozen abroad, around half of which Tehran could access as a result of sanctions relief.

It is not clear how much of those funds are oil dues that Iran would want back in euros.

India owes Tehran about $6 billion for oil delivered during the sanctions years.

Last month, NIOC's director general for international affairs told Reuters that Iran "would prefer to receive (oil money owed) in some foreign currency, which for the time being is going to be euro."

Indian government sources confirmed Iran is looking to be paid in euros.

Tehran has asked to be paid using the exchange rates at the time the oil was delivered, along with interest for those payment delays, Indian and Iranian sources said.

Indian officials are working on a mechanism that could involve local banks United Commercial Bank (UCO) and IDBI Bank for handling payments to Iran, one Indian government source said.

UCO CEO R.K. Takkar said the bank is involved in payments to Iran, but did not say if there were any plans to change the payment mechanism. IDBI CEO Kishor Kharat could not be reached for comment.

India could also try to resume payments through Turkey's Halkbank, a channel it stopped using in 2012, or by direct transfer to Iranian banks through the global SWIFT transaction network.

With Iran now again linking to international lenders through SWIFT, the NIOC source said it was easy for Tehran to be paid in any currency it wants, adding: "And we want euros."

(Additional reporting by Devidutta Tripathy in MUMBAI; Editing by Paritosh Bansal and Ian Geoghegan)





http://www.tasnimnews.com/en/news/2...eeking-to-ditch-us-dollar-in-oil-trade-report

Iran Seeking to Ditch US Dollar in Oil Trade: Report
News ID: 992388 Service: Economy
February, 06, 2016 - 13:28
صادرات نفت
TEHRAN (Tasnim) – Iran plans 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 US dollar following last month’s sanctions relief, media reports said.

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, Reuters quoted a source at the National Iranian Oil Company (NIOC) as saying on Friday.

“In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery,” the NIOC source said.

Lukoil and Total declined to comment, while Cepsa did not respond to a request for comment, according to the report.

Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than US dollars, the unnamed source said.

Iran was allowed to recover some of the funds frozen under US-led sanctions in currencies other than dollars, such as the Omani rial and UAE dhiram.

Switching oil sales to euros makes sense as Europe is now one of Iran’s biggest trading partners.

The NIOC source said Iran’s central bank instituted a policy while the country was under sanctions over its nuclear energy program to carry out foreign trade in euros.

“Iran shifted to the euro and canceled trade in dollars because of political reasons,” the source said.

Replacing the US dollar with other currencies is something many countries have been after in recent years.

Back in January 2014, the World Bank’s former chief economist called for an initiative for replacing the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. “The solution to this is to replace the national currency with a global currency.”
R1016170/P42410


http://timesofindia.indiatimes.com/...ales-to-India-others/articleshow/50869854.cms


Iran wants payment in euros for new and outstanding oil sales to India, others
Reuters | Feb 5, 2016, 08.40 PM IST
Highlights
• National Iranian Oil Co source says Iran billing new oil contracts in euros
• Iran also wants money due for supplied oil in euros
• Tehran says it would consider using old forex rate for India dues
• Iran wants currency switch to reduce dollar dependenceIranian flags seen at a petrol station in Tehran. (Reuters photo)Iranian flags seen at a petrol station in Tehran. (Reuters photo)
NEW DELHI: 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 US 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. "In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery," the NIOC source said.

Lukoil and Total declined to comment, while Cepsa did not respond to a request for comment.

Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than US dollars, said the person, who has direct knowledge of the matter. Iran was allowed to recover some of the funds frozen under US-led sanctions in currencies other than dollars, such as the Omani rial and UAE dhiram.

Switching oil sales to euros makes sense as Europe is now one of Iran's biggest trading partners.

"Many European companies are rushing to Iran for business opportunities, so it makes sense to have revenue in euros," said Robin Mills, chief executive of Dubai-based Qamar Energy.

Iran has pushed for years to have the euro replace the dollar as the currency for international oil trade. In 2007, Tehran failed to persuade OPEC members to switch away from the dollar, which its then President Mahmoud Ahmadinejad called a "worthless piece of paper".

The NIOC source said Iran's central bank instituted a policy while the country was under sanctions over its disputed nuclear programme to carry out foreign trade in euros.

"Iran shifted to the euro and cancelled trade in dollars because of political reasons," the source said.

Boost for euro trade

Iran has the world's fourth-largest proved reserves of crude oil, and expects to quickly increase production, which could lead to tens of billions of euros worth of new oil trade.

Iran's insistence on being paid in euros rather than dollars is also a sign of an uneasy truce between Tehran and Washington even after last month's lifting of most sanctions. US officials estimate about $100 billion (89.2 billion euros) of Iranian assets were frozen abroad, around half of which Tehran could access as a result of sanctions relief.

It is not clear how much of those funds are oil dues that Iran would want back in euros. India owes Tehran about $6 billion for oil delivered during the sanctions years.

Last month, NIOC's director general for international affairs told Reuters that Iran "would prefer to receive (oil money owed) in some foreign currency, which for the time being is going to be euro."

Indian government sources confirmed Iran is looking to be paid in euros. Tehran has asked to be paid using the exchange rates at the time the oil was delivered, along with interest for those payment delays, Indian and Iranian sources said.


Indian officials are working on a mechanism that could involve local banks United Commercial Bank (UCO) and IDBI Bank for handling payments to Iran, one Indian government source said.


UCO CEO RK Takkar said the bank is involved in payments to Iran, but did not say if there were any plans to change the payment mechanism. IDBI CEO Kishor Kharat could not be reached for comment. India could also try to resume payments through Turkey's Halkbank, a channel it stopped using in 2012, or by direct transfer to Iranian banks through the global SWIFT transaction network.


With Iran now again linking to international lenders through SWIFT, the NIOC source said it was easy for Tehran to be paid in any currency it wants, adding: "And we want euros."




Obama's Beggar Currency = Game Over!

Worthlessness of USD is becoming more and more clear cut in the changing view of the world.

China can buy oil in yuan too. It's a buyers market. Now is the time to enforce it.

syed putra said:

China can buy oil in yuan too. It's a buyers market. Now is the time to enforce it.

Click to expand...

It will surely happen 1st with oil and gas, soon into everything else, like cars and other energies and raw materials. Eventually all products import export. US$ is not at all a reliable nor suitable currency. The entire exercise is to look for a replacement alternative currency, which will not screw the entire world up side down - all became sabotaged victims of US$.

USA was a British Empire colony built on the back of criminal activities - Slavery trade and opium trade.

When a country was built from unrighteous beginning it will not last. Just watch for the British empire to collapse and how God fucked the evil white trash criminals that destroyed 2 great nations, China and India.

Never forget their criminal past activities from 1726, their unsustainable industrial revolution program.


Opium Trade was Big Business for Americans

Also, it wasn’t just England involved; many Americans in New England also made their fortunes in the opium trade after the slave trade was outlawed. For example, Franklin Roosevelt’s grandfather, Delano, made most of the family fortune in the Chinese opium trade.

He was not alone. Many of the wealthy New England families built their fortunes on slave and opium trading. In fact, most of the American Ivy League universities were funded to a great degree when dirty money from the slave and opium trade was washed and then use to build new reputations for these families.

For example, John Cleve Green donated much of his opium profits to Princeton University, Abiel Abbott Low used his opium fortune to finance the construction of Colombia University, John Murray Forbes financed the Bell Telephone Company, Joseph Coolidge’s son organized the United Fruit Company and his grandson was the founding executive officer of the Anglo-American Council on Foreign Relations. This is just the tip of the iceberg in showing how many among the power elite made their fortunes with the China opium trade.

The Roosevelt Family, Opium and China Legacy

Franklin Roosevelt was born into the elite lifestyle of a family of wealth and privilege in Hyde Park, New York, with major financial interests in railroads. Most of the real family wealth, however, had been made earlier by Roosevelt’s grandfather, Delano, in his involvement with the opium trade in China.

An interesting aside is the China trade and resources of another kind, oil, would in turn dominate the later President Roosevelt’s determination to create a war with Japan. The original Japanese aggression against China that helped lead up to World War Two was actually initially created by secret negotiations by another Roosevelt, President Teddy Roosevelt. He privately and unconstitutionally urged the Japanese to "civilize" both China and Korea by invading and creating a Japanese-style Monroe Doctrine for Asia. Eventually this culminated in the formation of the "Greater East Asia Co-Prosperity Sphere," which became the organization used by Japan to run its puppet governments in the occupied nations.


British Empire Funded by Opium

Still, the real narco-republic in world history isn’t the United States, Mexico, Colombia or other transit points to the artificially created drug epidemic in the United States. This dubious honor actually goes to the British Empire, as their Bengal-to-China opium business during the time of Queen Victoria grew into the world’s largest commodity trade during the 19th century. Opium accounted for almost 20 percent of the Empire’s total revenue, yet opium was just the tip of the addictive trade.

In the United States and the British Empire addictive substances were the major business of British mercantilism. For example, the original British colonies like Jamestown and Virginia were economically unfeasible before the smoking of tobacco caught on in Europe and smoking and snuff created a cash crop from America.

Later, sugar from British Caribbean colonies was added to the British consumption of tea from China and the entire Empire became addicted to tea. But there was a problem. Unlike in the Americas where cotton and tobacco were traded for British manufactured goods, China simply said no to foreign imports.

Their leader, the Son of Heaven, wrote King George III in 1793: "We posses all things. I set no value on objects strange or ingenious, and have no use for your country’s manufactures." Great Britain had addicted their entire population to the stimulation of tea and sugar but China surprisingly demanded silver as payment for the tea. This created a permanent drain of gold and silver from the British Empire to China and a gigantic balance of payments deficit resulted that threatened the future solvency of the British Empire. This situation is very similar to China’s holdings of US Treasury debt today.


https://www.lewrockwell.com/2012/09...f-conflict-anglo-american-and-chinesehistory/

Slim_10_Sg said:

It will surely happen 1st with oil and gas, soon into everything else, like cars and other energies and raw materials. Eventually all products import export. US$ is not at all a reliable nor suitable currency. The entire exercise is to look for a replacement alternative currency, which will not screw the entire world up side down - all became sabotaged victims of US$.

Click to expand...

The end of usd when people start ditching the toilet paper. When the dollar goes on its slippery slope n tank the oil price will suffer less.

Fuck USA & USD, 2016 Huat Ah!