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'Iran and Russia Propose Oil Trade Without USD'

Discussion in 'International Forum' started by X-PASTER, Oct 19, 2009.

  1. X-PASTER

    X-PASTER Moderator

    #1
    Oct 19, 2009
    Joined: Feb 12, 2007
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    'Iran and Russia Propose Oil Trade Without USD'

    Venezuela's president has said that countries including Venezuela, Russia and Iran have proposed the US dollar should be replaced as the currency used for oil trade.

    "We've been talking about this in OPEC. Venezuela agrees and there are other countries, such as Iran and Russia that are also on-side with this idea," Chavez told reporters in the central Bolivian region of Cochabamba, Reuters reported.

    Iran's Trade Promotion Organization has announced a future plan to completely exclude the US dollar from the country's foreign revenues and reserves.

    Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues.

    The constant declining value of the dollar and persisting economic crisis in the US has forced many countries to drop the currency in favor of a more stable and valuable one.

    Saudi Arabia, South Korea, China, Venezuela, Sudan and Russia have taken steps to replace the US dollar in their foreign exchange reserves.

    Earlier in September, Iran's President Mahmoud Ahmadinejad ordered the replacement of the US dollar by the euro in the country's foreign exchange accounts.

    Recent reports suggested that the Persian Gulf Arab states have recently started secret talks with Russia, China, Japan and France "to end dollar dealings for oil."

    According to the report written by Independent's Middle East correspondent Robert Fisk, the proposal was to replace US dollar for crude oil trade by a basket of different currencies over a period of nine years until 2018.





    Source: Drop Dollar | Proposal
     
  2. X-PASTER

    X-PASTER Moderator

    #2
    Oct 19, 2009
    Joined: Feb 12, 2007
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    Iran To Completely Drop Dollar From Foreign Exchange

    Iran's Trade Promotion Organization has announced a near future plan to completely exclude the US dollar from the country's foreign revenues and reserves.

    Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic, Mehr News quoted the organization as saying on Friday.

    Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues, the report added.

    Iran suggests other currencies such as the euro and the United Arab Emirates' dirham to replace the US dollar for oil revenues.

    The constant declining value of the dollar and persisting economic crisis in the US has forced many countries to drop the currency in favor of a more stable and valuable one.

    Saudi Arabia, South Korea, China, Venezuela, Sudan and Russia have taken steps to replace the US dollar in their foreign exchange reserves.









    Source: Drop Dollar | Proposal
     
  3. K

    Koba JF-Expert Member

    #3
    Oct 19, 2009
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    Who wants iranian/Russian currency or any other? wanacheza politics tuu na propaganda kwa wasioelewa,wanapiga kelele tuu lakini wako busy na dollar accumulation kwenye reserve zao...tunajua hayo mafuta yako kwao lakini wanaoyamiliki ni American capitalist wa wallstreet hawana tofauti na sisi na gold yetu ambayo haitusaidii
     
  4. H

    Hofstede JF-Expert Member

    #4
    Oct 19, 2009
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    XP It is very difficult to eliminate USD as oil currency for the following reasons

    1. US consumes 27% of the world oil alone (combine China, Japan, Russia, India, Germany, Brasil and Canada together) make it a single country which consume

    2. Most investors in the oil rich countries are Wall street connected

    3. US share of the world economy 29.8%

    US can invest heavily in alternative energy sources which can cripple oil producing countries economies.

    These are just politics nothing serious
     
  5. X-PASTER

    X-PASTER Moderator

    #5
    Oct 19, 2009
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    Let's wait and see! Euro "€" is here now...!
     
  6. Tumain

    Tumain JF-Expert Member

    #6
    Oct 20, 2009
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    Who expected Roman Empire to fall...zamani hizo ilikuwa kama ndoto vile ..watu wenye akili kama hiyo yako, walikuwepo, wapo na watakuwepo...lakini wenye akili wanajua America empire is about to fall, wana struggle kwelikweli kujikwamua lakini hali hakioko sawasawa...
    Bottom line: Taliban na Alqaeda wanawatosha wala siyo taifa kubwa lingine watu wachache wenye akili...
     
  7. X-PASTER

    X-PASTER Moderator

    #7
    Oct 21, 2009
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    Waliotopea kwenye ufisadi siku zote huwa hawaoni kuwa kuna siku wanaweza kuanguka anguko kuu tena la kuangukia pua...

    Wahenga wanasema kuwa...
    "Kabla ya Kuangushwa Unyanyuliwa kwanza ili Anguko liwe Kubwa na kushuhudiwa na kila Kiumbe"
     
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