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Iran drops dollar in oil transactions

May 01, 2008|From Times Wire Services

Iran has stopped conducting oil transactions in U.S. dollars, an 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, OPEC's second-largest producer, has dramatically reduced dependence on the dollar during the last year in the face of increasing U.S. pressure on its financial system and the decline in the value of the American currency.

World markets price oil in U.S. dollars. Its depreciation has concerned producers because it contributed to rising crude oil prices and eroded the value of their dollar reserves.

"The dollar has totally been removed from Iran's oil transactions," Hojjatollah Ghanimifard, a top Oil Ministry official, said on state-run television.

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