Middle East Economic Survey

VOL. LI

No 18

5-May-2008

IRAN

Dollar-Denominated Oil Sales Eliminated, Says NIOC

The US dollar is no longer used for National Iranian Oil Company (NIOC) oil sales, Fars News Agency reported on 30 April. NIOC Director of International Affairs Hojjatollah Ghanimifard was quoted as saying: All of Irans oil trading is being done in euros and yen. We agreed with all the buyers of Irans crude to trade oil in currencies other than the dollar. In Europe, Iranian crude is being...