Iran Calls For OPEC to Stop Selling Oil in US Dollars

ShortNews
April 7, 2008

In a meeting with OPEC Secretary General Abdalla Salem el-Badri Iranian President Mahmoud Ahmadinejad has reiterated his calls for the US dollar to be dumped as the trading currency for oil.

Ahmadinejad is of the belief that OPEC “should establish a joint bank as well as having joint currency.” The falling value of the US currency has devalued many currency reserves and pushed up the price of crude oil.

Ahmadinejad’s calls to move oil trade to a basket of currencies is unlikely to find sufficient support in OPEC with countries such as Saudi Arabia, a major oil producer and US ally, opposing the move.

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