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What currency does Iran price it's oil in?

Is it US dollars? Euros? Both?

Supposedly the US took down Saddam Hussein because he wanted to start selling his oil for Euros instead of USD.

Supposedly also, Qaddafi was about to launch some new African Union currency backed by gold, in another attempt to dilute the US dollar's power.

So what about Iran? Anyone know about this stuff?

4 Answers

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  • Anonymous
    10 years ago
    Favorite Answer

    Oil is traded in USD worldwide, it isn't so much a economic factor as a standard to be comparable, if this standard changed to the Euro for example it would have little effect other than on the States. Variable exchange rates with other currencies would still apply when the dollar value drops against other currencies the oil becomes cheaper for those countries when it rises it gets more expensive the only difference is that the US would be subject to these variations if another standard was used. It doesn't determine the price only the exchange value.

  • WOrD
    Lv 7
    10 years ago

    I honestly don't believe those stories , as there are already countries selling in Euros & Yen etc.

    As far as Iran I am not sure but I guess they are still pricing in dollars , though their state radio said once Iran will price oil in UAE currency which sounded strange to me since everyone knows UAE currency is pegged to US dollar value , so what is the point ? I guess politics perhaps.

    Now there was a recent major pricing disagreement between Iran & India for oil it exported to the later.

  • 10 years ago

    i remember about 5 to 6 years ago or maybe more they said they're gonna use Euro instead of dollars recently because of the sanctions they said they are using Yen

    because they can't transfer money from banks in US dollars or Euros so they use Yen

    nowadays the central bank in iran is facing lake of dollars,money exchangers don't sell US dollars

    it's very hard to get US dollars in Iran and the funny part about it is when US dollar's value everywhere in the world goes down in Iran it goes us

    since that bastard has become the president of Iran the value of Iranian currency has converted to **** that's why they are planning to give him a novel chemical prize because he has converted a currency to ****!

  • 5 years ago

    True...but with one caveat: the massive number of dollars printed in the last decade will likely cause deflation for the first time since the great depression. I am not so sure we in the US can wiggle our way out of this reality, unless the world continues to buy and sell oil in USD. I think that it is time for us to scramble and find a way to purposefully devalue the dollar in a controlled manner as we move to dismantle the current petrol-dollar arrangement with the Saudi s. Eventually the Saudi family will be overthrown, like in Iran with the Shah.

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