is this for real?

[substitute]

Iran conducts all crude oil trade in euro and yen

TEHRAN, April 30 (Reuters) - Iran, the world's fourth-largest oil producer, is conducting all its crude trading in euro and yen, instead of the U.S. dollar, an Iranian official was quoted as saying on Wednesday.

So, maybe a guy shooting his mouth off, or a mistake of some kind. But Google only has 11 articles grouped in this topic and if it's true, it would be an uncomfortably big story. Because unless I'm wrong, that's a war-starter move.

Thanks to hepkitten for the pointer

Comments

[vanmojo.livejournal.com]

No, this is quite true. Iran is abandoning the Petro-Dollar for the Euro. Iran had been moving in this direction quietly for a while. A lot of petroleum producing countries are.

Yeah... it could very well be a war starter move. There's also another dimension to this, in that many countries have started to nationalize their extraction industries, essentially putting out big signs that say Yanquis Keep Out.

This places more influence on American policy with Saudi Arabia, one of the few places still stubbornly faithful to the greenback.

The reason there are so few article so far is that people don't really understand what a big deal that really is. Regular folk don't understand how the price they pay at the pump is linked to the ability of the dollar to compete on the world currency market.

If the rest of the OPEC nations start dropping the dollar, for the Euro, then things are really going to get "interesting" as the Chinese say.

mojo sends