23-12-07

Iran has boosted oil export earnings in non-dollar currencies to 90 %, a senior official said, making clear the world's fourth-largest crude exporter would continue to reduce its dollar exposure.
Iran, embroiled in a standoff with the West over its nuclear programme, has for two years been increasing its sales of oil for currencies other than the dollar, saying the weak US unit is eroding its purchasing power.

"Currently about 70 % of Iran's crude oil exports earnings are in euros and 20 % in yen," said Mohammad Ali Khatibi, deputy director of international affairs at the state National Iranian Oil Company.
"About 10 %... remains in dollars which is going to be replaced with other currencies," Khatibi was quoted as saying.

The figure for crude sales in non-US currencies represents an increase of 5 percentage points compared with one Khatibi gave in early October. But it differed from an Iranian news agency report on Dec. 8 saying Iran had completely stopped selling oil for dollars.
At a November heads of state summit of the Organization of the Petroleum Exporting Countries (OPEC), Iran suggested oil should be sold in a basket of currencies rather than dollars, but failed to win over other member states except Venezuela.

Source: www.iranfocus.com