Nippon Oil to buy Iran oil in yen

[dipsydoodle]

Source: BBC News

Japanese firm Nippon Oil is to start paying for Iranian oil in yen, rather than in US dollars.

The first payments to be made in the new currency for crude oil contracts will take place in October.

Iran has been increasingly selling oil in currencies other than the US dollar, which has fallen in value.

Iran, the fourth-biggest oil exporter, has made the shift in the light of political differences with the US over its nuclear programme.


Read more: http://news.bbc.co.uk/1/hi/business/6981375.stm

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China had already agreed to make all payments in Euros following similar demands from Iran.

Time to sing "Goodbye $ we must leave you" to the tune of Dolly Gray.

[cyberpj]

1. Just one more reason Bush Admin wants them bombed. nt

[panader0]

3. On the other hand, it may be a reason why bush will NOT bomb

Iran. With Russia, China and Japan all relying on Iran for oil, They certainly wouldn't want ant disruption of their supply.

[dipsydoodle]

6. I don't think he'd want disruption of the USA's supply either

given that Iran's first response to an attack could well be the complete destruction of the big Saudi oil terminal at Ras Tanura , the two main Saudi pipelines and the Suez Canal too if they felt so inclined.

[Usrename]

17. Why not?

His pals seem make out like bandits every time there is any disruption. Are you saying he doesn't support his oil buddies?

[Texifornia]

18. I was in Saudi in 2002

and before the war in 2003 and they were already at work rehabilitating the Trans-Arabia pipelione. I don't know that it has been activated, but my guess is that it could be.

[amandabeech]

8. Until the last few weeks, Russia has been one of the top five exporters

of oil. They have lots of fields and don't import from Iran.

[John Q. Citizen]

15. Russia doesn't rely on iran for oil. Russia is a major exporter.

[natrat]

2. jeez we better bomb the shit out of iran then-sarcasm

[demnan]

4. Didn't Saddam start selling his oil in other currency

before we bombed the shit out of him?

[dipsydoodle]

7. Yes - he switched to Euros

while the oil for food program was running, lost a bundle in doing so and then made an absolute fucking fortune when the Euro gained strength against the $.

[azurnoir]

5. So will Bush now call

Japan "terra' supporters" talk about lets turn the clock back.

[Javaman]

10. There is a joke in here somewhere, but sadly...

we americans have to continue living with a joke as a "leader*".

:(

[liberal N proud]

9. Part of the reason Saddam became such a monster

He was no longer going to trade oil in dollars.

[cliss]

11. This is one of the most important stories

of the year, without any doubt.

This is catastrophic for the Dollar. The dollar has always been used as the currency for purchasing oil. In fact, it became known as the Petrodollar. Especially in the Middle East, oil-rich countries like Saudi Arabia ended up with enormous deposits of petrodollars. Stan Goff wrote that it's been SO profitable to trade in dollars, that our oil purchases were basically for FREE (simply due to the currency).

The problem was, over time the Petrodollar lost some of its value. Their holdings became worth less, and the Saudis were upset.

And yes, Hussein switched to Euros in the last year before we invaded. I read he made about $457 million in the currency appreciation.

Putin has also said for a long time that he would like to switch to Rubles in oil trading. Iran has stated it would like to use Euros. Everyone is abandoning the dollar, and for good reason. Who wants to hold on to the dollar, as it sinks? Just in this year alone, the US dollar went down by 20% in the 1st 5 months of the year. NO WONDER they are switching.

[melody]

19. Keep in mind the change they are discussing will mean widespread layoffs and pain for Americans

And yet these people have managed to make us hated on the international stage, so no one will care.

Meanwhile, Russia (led by a thug every bit as pernicious as Bush) stands to gain from it.

[Duppers]

12. kick

for inflation.
Will our savings be enough for retirement? Or will we have to work until we die?

Yet, anything is better than nuking millions of innocent people.

[Gregorian]

13. I just read this on the Stock Market thread. WOW!

Man oh man. I may be imagining things, but this sounds big.

I don't even want to guess what the implications are. War and debt?


Edit- I agree with posts that say this might actually keep war from happening. I don't see Iran in Bush's future. But what do I know...

[Barrett808]

14. And off to the Greatest Page... n/t

[txaslftist]

16. Why does Japan want the US to attack Iran?

[Megahurtz]

20. Everybody Likes Us.

:sarcasm:

Much thanks to BushInc.

[slipslidingaway]

21. K&R thanks for posting n/t

[tom_paine]

22. Why trade in dollars, the currency of tyranny?

Maybe it's just me but I wouldn't soil myself by doing business with totalitarian tyrannies like Amerika, even though they are VERY kind and gentle (for the moment) compared to similarly evil administrations in tyrannies throughout the world.

Plus, totalitarian nations like Amerika are not a wise investment, even though Amerika is by far the wealthiest of the Third World, because the lack of freedom, the downtrodden nature of the poeple, and thieir/our indifference are killers.

I would suggest that all nations divest from Amerika in the same way they divested from Afrikaners, until Amerika follows S. Africa and has free elections and a system of checks and balances.

[Supersedeas]

23. Nothing to see here --- feed them more smiling Chimp photos