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.
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Iran Calls OPEC To Stop Trade in US Currency
Iranian President Mahmoud Ahmadinejad is urging OPEC members
Iran tires tp urge OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars.
Iran's President Mahmoud Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel "should establish a joint bank as well as having joint 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.
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.
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