Iranian Oil not to Affect USD Rate: Expert
Azerbaijan, Baku /corr. Trend A.Badalova / Iran's decision to refuse to sell its oil in the US currency will not affect the USD rate, said the Deputy Editor-in-Chief of Russian Commersant newspaper, politician Azer Mursaliyev.
" Iran's decision will not affect the weakening of the US currency. The only issue that may take place as a result of Iran's decision is the conversion of the dollar to another currency ," Mursaliyev said.
Iran's Oil Minister Gulamhossein Nozari said that Iran's refusal to sell its oil in the US currency has resulted from a drop in its trust of the US, as well as a negative impact of the weakening of the US dollar on oil exporting countries. According to Mursaliyev, one decision by Iran is not sufficient to cause the US dollar to weaken. "The decision of half of the world or several OPEC member-countries is for the US dollar to weaken" he said.
Over the last two years, Iran reduced the flow of the oil dollars. During the 3rd summit of OPEC in November, The President of Iran, Mahmoud Ahmadinejad, suggested refusal of the USD due to its devaluation and replace it with a more reliable currency. However, OPEC did not make such a decision.
"This decision by Iran is a political one," Mursaliyev said.