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Iran to Calculate Oil Revenue in Euros, Not Dollars

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Maximumsushi
Posts: 7837 - Karma: 3,351
http://www.bloomberg.com/apps/news?pid=20601072&sid=awtUzVhqz6V4&refer=energy

Due to the unnerving performance of the US dollar and deep rooted but not fully realized serious American economic issues, Iran is now alculating revenue and selling crude in euros. I expected this to happen, and Iran to be the first of all nations to look at alternative currency reserve vehicles (whether it be the swiss franc, gold, euro, etc.). Other nations may follow; I’d expect Algeria or even Russia. The whole process will be a precarious one, China trading their reserves would cause a global economic crisis. Unless the U.S. seriously addresses some of their issues, I foresee this trend continuing.
Dec 18 2006 3:56PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
Oh, and of course Venezuela and the UAE will follow suit next as the article outlined. I was referring to who would follow them.
Dec 18 2006 3:59PM
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Detective
Posts: 2545 - Karma: 59
goody goody gum drops
Dec 18 2006 4:30PM
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jibsworth
Posts: 1554 - Karma: 12
"The dollar has slipped 9.5 percent against the euro this year and may weaken further".... thats funny, I read also on Bloomberg today that the Dollars outlook in comparison to the Euro was positive.


Its a pretty bold more though none the less. It could have strong positive or negative repercussions depending on the strength of the dollar.
Dec 18 2006 4:41PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
Positive in retrospect or forward looking? The US dollar definitely slipped this year against the Euro and there are next to no economists that would tell you the future looks anything but bleak.
Dec 18 2006 4:49PM
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Republican_Enemy
Posts: 2182 - Karma: 4
lies
Dec 18 2006 5:07PM
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BFFset.
Posts: 2210 - Karma: 12
yeah thats what i was gonna say... that venezuela would be quick to jump on that bandwagon and stop using the surrency of "the devil"
Dec 18 2006 5:12PM
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