7 Feb 2019 Part 5: Iran oil exports: 8 waivers and the upcoming OPEC meeting On this basis, the initial version of the mechanism will have been a success if it eventually facilitates trade in the order of tens of millions of euros each year, 29 Apr 2019 India used to pay Iran for the oil in euros using European banking channels. But this channel was blocked from November 2018 onwards owing to the US sanctions. Iran currently is India's third-largest oil supplier after Iraq and 18 Jul 2019 “Unless oil goes into Instex, it can't be substantial . . . without oil, there is no substantial trade,” Mr Zarif told million euros is a fraction of EU-Iran trade, which stood at more than €20bn annually before the US sanctions. 29 Nov 2019 The Petrodollar system, whereby oil from OPECs are traded only in US Dollars, holds the key to American global Under Saudi influence, other countries in the Organization of Petroleum Exporting Countries (OPEC) also agreed to sell oil in dollars. were keen on US protection, due to Soviet intervention in Afghanistan and the fall of the Iranian Shah. but now, China has become the Middle East's largest investor, with 1 in every 3 euros invested being Chinese. 1 Feb 2019 The company was registered in Paris on Tuesday with an initial 3,000 euros in capital and a supervisory board with members from France and Germany, and chaired by a Briton. "INSTEX will support legitimate European trade 9 Jan 2019 India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since special purpose vehicle to facilitate trade with Tehran, its foreign minister Javad Zarif said earlier on Tuesday. In the previous round of US sanctions, India settled 45 per cent of oil payments in rupees and the remainder in euros but this time it has signed a deal with Iran to
Iran is ready to sell its oil to the world again, but it wants to be paid in euros, not dollars. Over the weekend, a top official at Iran's state-owned oil company said the country had a strong EU Could Switch To Euros In Oil Trade With Iran. The European Union (EU) is considering switching to euros instead of U.S. dollars in the oil trade with Iran, Sputnik reported on Wednesday, quoting a diplomatic source. Iran has already said it will carry out all its oil-industry related equipment purchases in euros instead of dollars and previously said it has informed its oil buyers that they should pay Iran in euros for the crude oil they purchase. “We need oil currencies,” Vaziri said. Europe To Pay Iran In Euros For Oil, Abandoning The Dollar. European countries are considering dumping the dollar in favor of the euro when it comes to making payments to Iran for its crude oil, Russian media reported Wednesday, citing a diplomatic source who had knowledge of the development.
4 May 2019 Based on the latest official figures released by the European Union, the amount of Iranian exports to the EU in the Iran's Exports To EU Drop Sixteen Fold As Europe Stops Buying Iranian Oil Import and export from Iran to the European Union(In Millions of Euros) Eurostat Iran Trade Promotion Organization (ITPO) recently reported that the value of Iran's imports from the EU in last Re-denominating Iraqi oil in U. S. dollars, instead of the euro In November 2000, Iraq began selling its oil in euros. Several other oil producing countries have also agreed to sell oil in euros-Iran, Libya, Venezuela, Russia, Indonesia, and 12 Jun 2019 By John Prentice Caves III Iran and India have had a complex trade relationship built around oil — dating back to the days India imported Iranian crude by using Indian rupees and euros that would avoid dollar transactions. 10 Dec 2019 As trade conducted in China's yuan expands and the dollar's reserve currency status diminishes, energy companies that can adapt will be at an advantage. use of the yuan by nations seeking to avoid U.S. sanctions due to dealings with Iran and North Korea, for example, to its increased liquidity and utility will potentially reduce the dollar's status to something more akin to the euro, 8 Sep 2019 Mandelker added that Iranian oil sales have taken a “serious nose dive” because of US pressure. Since ditching the nuclear deal, calling it skewed to Iran's advantage, Trump has reimposed 30 Nov 2018 Transatlantic Tensions, Oil Imports and the Euro's Ambitions in International Trade Jesse Colzani* At the 2007 OPEC summit in Riyadh, the presidents of Iran and Venezuela urged OPEC to abandon dollar pricing since the
A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish Reuters has reported that Iran is requesting euros for all new and outstanding oil payments. Another nail in the dollar's coffin: A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total (TOTF.PA), Spanish refiner Cepsa CPF.GQ and Litasco, the trading arm of EU to Switch from US Dollar to Euro on Oil Trades from Iran. Iran, under a renewed threat of U.S. sanctions returning, two months ago decided to switch using the greenback as a currency in its imports and banned all traders from using USD. A directive came from the Ministry of Industry, Mine and Trade. Iran has completely stopped selling any of its oil for U.S. dollars, an Iranian news agency reported on Saturday, citing the oil minister of the world's fourth-largest crude producer. There are certainly good reasons for suspecting that it might be in euros, since Iranian government sources have previously spoken favourably about trading for oil in euros (9,10) and according to a statement attributed to the Vice-Governor of the Iranian central bank, Iran began selling oil in euros to Europe in 2003. As retaliation to this policy, which is seen by Tehran as "neoimperialism", Iran made an effort to create its own bourse, which started selling oil in gold, euros, dollars, and Japanese yen. In mid-2006 Venezuela indicated "support" of Iran's decision to offer global oil trade in the euro currency.
Iran has already said it will carry out all its oil-industry related equipment purchases in euros instead of dollars and previously said it has informed its oil buyers that they should pay Iran in euros for the crude oil they purchase. “We need oil currencies,” Vaziri said. Europe To Pay Iran In Euros For Oil, Abandoning The Dollar. European countries are considering dumping the dollar in favor of the euro when it comes to making payments to Iran for its crude oil, Russian media reported Wednesday, citing a diplomatic source who had knowledge of the development.