Iran Ends Oil Transactions In U.S. Dollars

[Dudeskey]

I know OPEC's gotta follow suit at some point...

http://www.cbsnews.com/stories/2008/04/30/business/main4057490.shtml?source=related_story

(AP) Iran, OPEC's second-largest producer, has completely stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq.

Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the American currency.

Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned producers because it has contributed to rising crude prices and eroded the value of their dollar reserves.

"The dollar has totally been removed from Iran's oil transactions," Oil Ministry official Hojjatollah Ghanimifard told state-run television Wednesday. "We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies."

Iranian President Mahmoud Ahmadinejad called the depreciating dollar a "worthless piece of paper" at a rare summit last year in Saudi Arabia attended by state leaders from the Organization of Petroleum Exporting Countries.

Iran put pressure on other OPEC countries at the meeting to price oil in a basket of currencies, but it has not been able to generate support from fellow members — many of whom, including Saudi Arabia, are staunch U.S. allies.

Iran has a tense relationship with the U.S., which has accused Tehran of using its nuclear program as a cover for weapons development and providing support to Shiite militants in Iraq that are killing American troops. Iran has denied the allegations.

Iranian oil officials have said previously that they were shifting oil sales out of the dollar into other currencies, but Ghanimifard indicated Wednesday that all of Iran's oil transactions were now conducted in either euros or yen.

"In Europe, Iran's oil is sold in euros, but both euros and yen are paid for Iranian crude in Asia," said Ghanimifard.

Iran's central bank has also been reducing its foreign reserves denominated in U.S. dollars, motivated by the falling value of the greenback and U.S. attempts to make it difficult for Iran to conduct dollar transactions.

U.S. banks are prohibited from conducting business directly with Iran, and many European banks have curbed their dealings with the country over the past year under pressure from Washington.

However, the U.S. has been wary of targeting Iran's oil industry directly, apparently worried that such a move could drive up crude prices that are already at record levels.

Iranian analysts say Tehran can withstand U.S. pressure as long as it can continue its oil and gas sales, which constitute most of the country's US$80 billion in exports.

[alkemical]

There's the bourse that iran was talking aoubt

[cutthemdown]

Let's face it, we are going to have some sort of confrontation with Iran.

As far as the dollar goes this isn't a huge deal. No way OPEC will go along with Iran. OPEC countries are more frightened by Iran then we are. They are the ones that are in the region and have the most to lose.

[alkemical]

Hmm, i disagree..... but it's my own personal POV.

[Rohirrim]

Now we test the theory that Bush attacked Saddam because he was switching to the Euro.

[alkemical]

Now we test the theory that Bush attacked Saddam because he was switching to the Euro.

Yep. I hope i'm wrong!

[Rigs11]

And remember guys, the president has no control over oil prices....right Wigged?

[cutthemdown]

since oil is going up way faster then the Euro it will be interesting to see what happens with Iranian transactions. I would believe the oil traders will figure out a way to make sure either way it's the same amount of money.

Saudi's will never ever side with Iran. Either will Dubia, UAE, kuwait. Like I said they are scared to death of Iran. Obviously the dollar is low and our economy is as close to recession as one can be without actually hitting negative growth. America will be fine and the smart countries won't bail on us because oil is expensive.

It's because demand has increased and production isn't keeping up.

[W*GS]

And remember guys, the president has no control over oil prices....right Wigged?

That's right. Show us how the President has control over oil prices.

[Bronco Jamus]

That's right. Show us how the President has control over oil prices.

I would like to hear how the President controls the price of oil also.

[TailgateNut]

I would like to hear how the President controls the price of oil also.


How about "picking fights" in a region inundated with oil reserves.

[Meck77]

Now we test the theory that Bush attacked Saddam because he was switching to the Euro.

Bingo. This could be interesting.

[Spider]

That's right. Show us how the President has control over oil prices.

By stuffing 70,000 barrels a day in the National reserve , by continuing on buying from opec , when we have plenty of oil here ..........
being Saudis lap dog , jumping as their every command ......
I could go on and on ........
there is no such thing as peak oil , no shortage , no all powerfull left wing group stopping drilling etc ...... Tell me this , Clinton passes the roadless rule , meaning if there were no pre existing roads , you cant build one to go drill , really limiting where companies can drill ... In Wyoming we was paying around 98 cents a gallon ....... bush comes along repeals the roadless rule , drill anywhere ...... 4.12 cents a gallon now ....... explain

[Rigs11]

How about "picking fights" in a region inundated with oil reserves.

Ding ding ding. We have a winner!

[Bronco Jamus]

How about "picking fights" in a region inundated with oil reserves.

Nope. Try again.

[Rigs11]

That's right. Show us how the President has control over oil prices.

http://search.cnn.com/search?query=%24119%20iran&type=web&sortBy=date&intl=false

[BABronco]

By stuffing 70,000 barrels a day in the National reserve , by continuing on buying from opec , when we have plenty of oil here ..........
being Saudis lap dog , jumping as their every command ......
I could go on and on ........
there is no such thing as peak oil , no shortage , no all powerfull left wing group stopping drilling etc ...... Tell me this , Clinton passes the roadless rule , meaning if there were no pre existing roads , you cant build one to go drill , really limiting where companies can drill ... In Wyoming we was paying around 98 cents a gallon ....... bush comes along repeals the roadless rule , drill anywhere ...... 4.12 cents a gallon now ....... explain

part of it has to do with the falling dollar value but that just part of it

[Rigs11]

Nope. Try again.

Please explain why he is wrong.You honestly think that oil prices will not rise due to regional instability concerns?

http://search.cnn.com/search?query=%24119%20iran&type=web&sortBy=date&intl=false

[Bronco Jamus]

He's wrong because the Presiddent has no control over the demand by other countries. Which is driving force behind the increase in price, along with the dollar woes. Iraq is one exporting country amongst many, and is still exporting oil.

[Spider]

part of it has to do with the falling dollar value but that just part of it

before the dollar fell I was paying 3.50 a gallon ....... still doesnt really address the roadles rule question ...

[Spider]

He's wrong because the Presiddent has no control over the demand by other countries. Which is driving force behind the increase in price, along with the dollar woes. Iraq is one exporting country amongst many, and is still exporting oil.

Oh Bull**** .......... Look we both know you dont have a clue , instead of being stupid , listen , read ...... ****ing opec cut production of 800,000 barrels a day ....The oil companies are creating a false demand to drive prices up ......We both know you wont do this ,but others reading this post will google Dick Cheney vists Saudia Arabia in 1998 , then check out what happened after his vist .....
Every time you lie Jamus , someone down here will counter it ......

[Rigs11]

He's wrong because the Presiddent has no control over the demand by other countries. Which is driving force behind the increase in price, along with the dollar woes. Iraq is one exporting country amongst many, and is still exporting oil.

What a crock. You mentioned demand but not supply. do you honestly think that IRaq is producing anywhere near the amount it was before the president invaded? Fear of war which would disrupt supplies even further.So let me get this straight the president, who was a former oil man, has no control over the dollar woes, the price of oil and the overall economy at all?

[Bronco Jamus]

What a crock. You mentioned demand but not supply. do you honestly think that IRaq is producing anywhere near the amount it was before the president invaded? Fear of war which would disrupt supplies even further.So let me get this straight the president, who was a former oil man, has no control over the dollar woes, the price of oil and the overall economy at all?

I would have to look it up, but the world supply is not affected like you think by what is occuring in Iraq. India and China are using more oil. Our country cannot control that. Nor can we control OPEC and thei production levels. The President does not have control on the dollar's world value, and he doesn't control the oil supply and demand in the world, period.

[Meck77]

Spider I have a comment directed at you. You've had quite a bit to say about alternative energy sources. You've also had plenty to say about diesel fuel cost which I understand.

I tend to agree with you about peak oil. If we were that concerned about the supply of middle east oil we'd be tearing up Alaska and beyond. We aren't. If nothing else were saving those reserves. The increase in fuel cost is certainly making life more difficult in terms of cost of goods but I'm seeing the benefit of people starting to change their consumption habits and that's a good thing.

Humans are resistant to change by nature. We can all blame Bush, big banks, opec, whoever you want but at the end of the day we Americans do have a choice to change our lifestyles. Again I realize you being a trucker the fuel costs directly impact your bottom line but at the end of the day we're all picking up the tab.

I guess what I'm saying Spider is which is more important to you. Cheap oil and cheap gas or a real change to alternative energy? I don't think we can have it both ways. In an ideal world there would be a nice smooth transition to something better but it's not going to happen that way. There is certainly a small group of elite people making billions on oil that aren't going to give that up without a fight.

[Spider]

Spider I have a comment directed at you. You've had quite a bit to say about alternative energy sources. You've also had plenty to say about diesel fuel cost which I understand.

I tend to agree with you about peak oil. If we were that concerned about the supply of middle east oil we'd be tearing up Alaska and beyond. We aren't. If nothing else were saving those reserves. The increase in fuel cost is certainly making life more difficult in terms of cost of goods but I'm seeing the benefit of people starting to change their consumption habits and that's a good thing.

Humans are resistant to change by nature. We can all blame Bush, big banks, opec, whoever you want but at the end of the day we Americans do have a choice to change our lifestyles. Again I realize you being a trucker the fuel costs directly impact your bottom line but at the end of the day we're all picking up the tab.

I guess what I'm saying Spider is which is more important to you. Cheap oil and cheap gas or a real change to alternative energy? I don't think we can have it both ways. In an ideal world there would be a nice smooth transition to something better but it's not going to happen that way. There is certainly a small group of elite people making billions on oil that aren't going to give that up without a fight.

real alternitive ? hell we all would be on board with that , but the biggest roadblock is big oil ,and Detroit to that ....ok lets say we are out of oil , we need to change and now ... how smooth would that be ?
how cost effective ?
Best way is let inventors work on inventing , meanwhile getting the cost back in control , and make it as smooth as possible... I am on board with changing , hell I would even sacrifice power for a different form of energy ......I have said several times we need more nuke power , clean burning coal etc .....

[W*GS]

By stuffing 70,000 barrels a day in the National reserve

What percentage of US daily oil consumption does 70,000 bbl/day represent?

by continuing on buying from opec , when we have plenty of oil here ..........

I wasn't aware that the President buys oil from OPEC. Do tell.

In Wyoming we was paying around 98 cents a gallon ....... bush comes along repeals the roadless rule , drill anywhere ...... 4.12 cents a gallon now ....... explain

An instance of the post hoc ergo propter hoc fallacy.

[Spider]

What percentage of US daily oil consumption does 70,000 bbl/day represent? 70,000 per day x's 7 adds up does it not ?



I wasn't aware that the President buys oil from OPEC. Do tell. there is alot of things you are not aware of , this should be no different , but for ****s and giggles see why Cheney went to S.A. in 1998 , then see what hte prices were before and after his vist .......



An instance of the post hoc ergo propter hoc fallacy.

LOL yeah ok W*GS ... this is another one of those things you wasnt aware of ...But continue on bull****ting your way through son .....

[W*GS]

So let me get this straight the president, who was a former oil man, has no control over the dollar woes, the price of oil and the overall economy at all?

The president has some degree of influence - but control? Definitely not.

[elsid13]

What a crock. You mentioned demand but not supply. do you honestly think that IRaq is producing anywhere near the amount it was before the president invaded? Fear of war which would disrupt supplies even further.So let me get this straight the president, who was a former oil man, has no control over the dollar woes, the price of oil and the overall economy at all?

Actual Iraq oil revenue and output is up. The reason is there is no longer any trade restriction that UN/US had in place when Saddam was in power.

The article on this :

http://www.bloomberg.com/apps/news?pid=20601087&sid=aIeRxYfHWIKw&refer=home

[W*GS]

70,000 per day x's 7 adds up does it not ?

The US consumes almost 21,000,000 barrels per day - that 70,000 (and your source?) is negligible.

there is alot of things you are not aware of , this should be no different , but for ****s and giggles see why Cheney went to S.A. in 1998 , then see what hte prices were before and after his vist .......

Details.

LOL yeah ok W*GS ... this is another one of those things you wasnt aware of ...But continue on bull****ting your way through son .....

You're bull****ting, not me.

The bull**** that goes around at the counter in the truck stop and the truth are two different things.

[Spider]

The US consumes almost 21,000,000 barrels per day - that 70,000 (and your source?) is negligible. 70,000 in a crisis is alot



Details. ****ing look it up , but until you do , just understand people will see you as a Idiot . err wait they already do



You're bull****ting, not me.

The bull**** that goes around at the counter in the truck stop and the truth are two different things.
ROFL! No you twit , that was bull**** in the oil patch ...... google it ... go ahead look it up ... then take a look at Colorado Shale oil and Instu method , and North Dakota ......I have been in both patches , never seen a single hippie protesting , so you tell me why that oil isnt on the market ...... Time to quit talking out of your ass ......

[W*GS]

70,000 in a crisis is alot

According to whom?

A bunch of truck stop and/or barroom gossip, enhanced with lots of beer, does not an argument make.

You're passing along little snippets of scuttlebutt; let's see some facts about how Bush controls oil.

[Spider]

According to whom?

A bunch of truck stop and/or barroom gossip, enhanced with lots of beer, does not an argument make.

You're passing along little snippets of scuttlebutt; let's see some facts about how Bush controls oil.

what you cant spell google ?

[Hotrod]

Has anyone ever tired adding a little not to much but just a little ranch to their spaghetti sauce. It just adds a little something extra.

[Spider]

Have you figured it out yet W*GS ?

[L.A. BRONCOS FAN]

Iran Ends Oil Transactions In U.S. Dollars

I know OPEC's gotta follow suit at some point...

http://www.cbsnews.com/stories/2008/04/30/business/main4057490.shtml?source=related_story

Wow.

Bush is going to have a lot of countries to invade before his term is over.

[L.A. BRONCOS FAN]

Saudi's(sic) will never ever side with Iran. Either(sic) will Dubia,(sic) UAE, kuwait.

Um, you do know Dubai is part of the UAE, right? :giggle:

[L.A. BRONCOS FAN]

I would have to look it up, but the world supply is not affected like you think by what is occuring in Iraq. India and China are using more oil. Our country cannot control that. Nor can we control OPEC and thei production levels. The President does not have control on the dollar's world value, and he doesn't control the oil supply and demand in the world, period.

:stupid:

How many times have you opened the morning paper (assuming you read newspapers) and seen a headline like "crude oil spikes on supply fears following "_________" (fill in the blank with a description of your favorite armed conflict) in recent years?

Unrest in oil-producing regions fuels speculation which, in turn, drives prices.

Bush is responsible for the lion's share of the current unrest in the Mid East.

Increased world demand is only part of the picture.

[cutthemdown]

Um, you do know Dubai is part of the UAE, right? :giggle:

yeah and so is Abu Dahbi. I should have been more clear what I meant. Those 2 cities are given great veto power as far as the UAE are concerned and are sort of independent when it comes to power. My point is the entities that make up the UAE will never side with Iran. Do you disagree?

[Bronco_Beerslug]

70,000 in a crisis is alotActually it's a like a raindrop in a rainstorm, means nothing really.
And oil isn't infinite nor plentiful right now and never will be again until we make alternative and renewable fuels a reality (real subsidies to promote research and development to the tune of hundreds of billions of dollars).

[Spider]

Actually it's a like a raindrop in a rainstorm, means nothing really.
And oil isn't infinite nor plentiful right now and never will be again until we make alternative and renewable fuels a reality (real subsidies to promote research and development to the tune of hundreds of billions of dollars).

No but we got enough

[W*GS]

Nothing to figure, Spider. Just you on one of your patented ignorant rants.

[Spider]

Nothing to figure, Spider. Just you on one of your patented ignorant rants.

LOL thats what I thought , you get backed into a corner , then puss out .... it aint the first time you let your Cadillac mouth over load your Datsun brain

[Rigs11]

The president has some degree of influence - but control? Definitely not.
Call it whatever makes you feel better wigged. In the end oil prices are higher due to bush's foreign "policy".

[Rigs11]

Actual Iraq oil revenue and output is up. The reason is there is no longer any trade restriction that UN/US had in place when Saddam was in power.

The article on this :

http://www.bloomberg.com/apps/news?pid=20601087&sid=aIeRxYfHWIKw&refer=home

http://money.cnn.com/2007/11/08/news/international/iraq_oil/index.htm?section=money_latest

[L.A. BRONCOS FAN]

Call it whatever makes you feel better wigged. In the end oil prices are higher due to bush's foreign "policy".

:laugh:

It's amusing how W*GS' ivory tower libertarian dogma and his compulsion to cover Bush's flank compell him to ignore facts and engage in silly semantic parsing.

He proposes one convenient continuum to define "influence vs. control" when defending Bush's policies, and another, completely different definition when discussing the difference between liberalism and socialism/state ownership vs. government regulation of business, etc.

Walks like a duck, quacks like a duck...

[W*GS]

LOL thats what I thought , you get backed into a corner , then puss out .... it aint the first time you let your Cadillac mouth over load your Datsun brain

Believe whatever you want, Spider. I can't keep you from making an ass of yourself.

BTW, of that 70,000 bbl/day going into the strategic reserve (or so you claim), figure out how long that would last given our 21,000,000 bbl/day consumption.

[W*GS]

Call it whatever makes you feel better wigged. In the end oil prices are higher due to bush's foreign "policy".

Among many other factors.

That's a far cry from "control", in any sense, which is quite the backpedal.

[W*GS]

It's amusing how W*GS' ivory tower libertarian dogma and his compulsion to cover Bush's flank compell him to ignore facts and engage in silly semantic parsing.

It's pathetic how your complete and utterly obsessive hatred of Bush leads you to ignore facts and twist concepts into whatever you wish they meant in order to feed your compulsion.

He proposes one convenient continuum to define "influence vs. control" when defending Bush's policies,

What defense of Bush's policies have I made?

Another lie on your part. I'm tired of your ****ing lies, asshole.

and another, completely different definition when discussing the difference between liberalism and socialism/state ownership vs. government regulation of business, etc.

Complete non sequitur. You're so stuck on attacking me you make totally asinine comments.

[Spider]

Believe whatever you want, Spider. I can't keep you from making an ass of yourself.

BTW, of that 70,000 bbl/day going into the strategic reserve (or so you claim), figure out how long that would last given our 21,000,000 bbl/day consumption.
I claim ? WTF you cant google ?
you have yet to explain the roadless rule effect, you havent explained the effect Cheney had back in 98 , you havent done **** ass clown ......

[W*GS]

Make your own arguments, ya pussy.

[L.A. BRONCOS FAN]

Ha ha ha! :laugh:

When Tourette's Boy starts frothing at the pie hole and launches into one of his expletive-laden rants, you know you've hit the bull's eye.

W*GS tries to argue that government regulation of business = "de facto ownership" of the means of production, but he's unwilling to concede that the "influence" Bush's policies have on oil prices = "de facto" control.

W*GS is hypocrisy incarnate.

[cutthemdown]

Ha ha ha! :laugh:

When Tourette's Boy starts frothing at the pie hole and launches into one of his expletive-laden rants, you know you've hit the bull's eye.

W*GS tries to argue that government regulation of business = "de facto ownership" of the means of production, but he's unwilling to concede that the "influence" Bush's policies have on oil prices = "de facto" control.

W*GS is hypocrisy incarnate.

you're kidding right? No one uses more profanity then Spider. For you to pull out that card seems like hypocrisy in this one.

[L.A. BRONCOS FAN]

you're kidding right? No one uses more profanity then Spider. For you to pull out that card seems like hypocrisy in this one.

Um, first of all, I'm not Spider, so where is the hypocrisy?

Second, I beg to differ - W*GS makes Spider look like an altar boy where use of profanity is concerned. I have proof.

BTW, I was responding to W*GS' last message to me - not to Spider.

[cutthemdown]

Um, first of all, I'm not Spider, so where is the hypocrisy?

Second, I beg to differ - W*GS makes Spider look like an altar boy where use of profanity is concerned. I have proof.

BTW, I was responding to W*GS' last message to me - not to Spider.

Well all 3 of you are arguing. I just thought it was funny you called wigs on bad language but let the other guy slide. Your right though you are completely fair and impartial, my mistake.

[L.A. BRONCOS FAN]

Well all 3 of you are arguing. I just thought it was funny you called wigs on bad language but let the other guy slide. Your right though you are completely fair and impartial, my mistake.

My comment had nothing to do with Spider's exchange with W*GS - it was my response to W*GS' last message to me.

Slow enough?

Further, it was not so much the "bad language" I was commenting on as W*GS' comical loss of composure.

[cutthemdown]

My comment had nothing to do with Spider's exchange with W*GS - it was my response to W*GS' last message to me.

Slow enough?

Further, it was not so much the "bad language" I was commenting on as W*GS' comical loss of composure.

yeah I got it. My mistake like I said mr cool.

[W*GS]

When Tourette's Boy starts frothing at the pie hole and launches into one of his expletive-laden rants, you know you've hit the bull's eye.

Bull****.

W*GS tries to argue that government regulation of business = "de facto ownership" of the means of production,

No, asshole.

but he's unwilling to concede that the "influence" Bush's policies have on oil prices = "de facto" control.

No, asshole.

W*GS is hypocrisy incarnate.

Those aren't my arguments, so go stuff yourself.

What do you get when you take pure unadulterated idiocy and toss in a heavy dose of intellectual dishonesty? Why, LABF, of course.

[W*GS]

Second, I beg to differ - W*GS makes Spider look like an altar boy where use of profanity is concerned. I have proof.

The out-of-context snippets of my posts you keep around to post, eh?

That's hardly proof, ya socialist ****head.

[baja]

Now we test the theory that Bush attacked Saddam because he was switching to the Euro.

Like Bush has not already showed his hand relative to his desire to attack Iran.

[Spider]

you're kidding right? No one uses more profanity then Spider. For you to pull out that card seems like hypocrisy in this one.

what in the **** do I have to do with WAGS and LABF argument ?

[Bronco Bob]

Has anyone ever tired adding a little not to much but just a little ranch to their spaghetti sauce. It just adds a little something extra.

What's with Anglos adding all sorts of weird **** to Italian food?

[alkemical]

What's with Anglos adding all sorts of weird **** to Italian food?

Italian food and mexican food are sorta the same..follow me on this:

You basically have 4 major ingredients - the rest is spices, etc and difference in cheeses - but you get the idea...

So the Anglos (ie, us crackers) - get bored and then we add things that we like -

So ranch style spaghetti - will end up at the macaroni grill in 4 years - or maybe the outback (they call it australian then everyone thinks it's different and not anglo additions)

THEN taco bell will have a zesty cheesy lachilada made with corn noodles & queso/velveta type thingey....

[Rohirrim]

Like Bush has not already showed his hand relative to his desire to attack Iran.

It's like living in the time of Nero.

[L.A. BRONCOS FAN]

It's like living in the time of Nero.

Nero with a cowboy hat.

[baja]

I like that "You can't fix stupid " picture.

[cutthemdown]

what in the **** do I have to do with WAGS and LABF argument ?

I refuse to answer until you stop using such foul language. Time for you to start showing some respect once in awhile you uncle ****ing goat raping piece of ****ing cow ****.

Sorry many i thought you all three were having a tri argument. Like I said my mistake please accept my humble apologies.

[Spider]

I refuse to answer until you stop using such foul language. Time for you to start showing some respect once in awhile you uncle ****ing goat raping piece of ****ing cow ****.
LOL now you are talking

Sorry many i thought you all three were having a tri argument. Like I said my mistake please accept my humble apologies.

3 way me LABF , W*GS ....... are you hinting for a DVD ?

[L.A. BRONCOS FAN]

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