Iran General NewsIran gets over 85 pct oil income in non-US...

Iran gets over 85 pct oil income in non-US currencies

-

Reuters: Iran, the world’s fourth-biggest oil exporter, has boosted oil export earnings in non-U.S. dollar currencies to 85 percent, an Iranian oil official said on Tuesday. TEHRAN, Oct 2 (Reuters) – Iran, the world’s fourth-biggest oil exporter, has boosted oil export earnings in non-U.S. dollar currencies to 85 percent, an Iranian oil official said on Tuesday.

“Iran is selling about 85 percent of its oil in the non-dollar currencies,” state television quoted Mohammad Ali Khatibi, deputy director of international affairs at the state oil company National Iranian Oil Company (NIOC), as saying.

Last week, Hojjatollah Ghanimifard, international affairs director of NIOC told Reuters: “With the arrangements we’ve made with our Asian customers, hopefully by the end of October we will have around 80 percent of our export revenue in currencies other than the dollar.” Iran, embroiled in a standoff with the West over its nuclear programme, has for nearly two years been reducing its exposure to the dollar, saying the weak U.S. currency is eroding its purchasing power.

“Currently, about 65 percent of Iran’s crude exports are based on euro and 20 percent based on yen,” said Khatibi.

In July, NIOC made an official request to customers in Japan, which imports more than 300,000 barrels per day (bpd) of Iranian crude, to pay in yen.

A switch in payment by Japan’s Nippon Oil and other Japanese refiners to yen had already pushed Iran’s non-U.S. dollar income to more than 70 percent in September.

Iran’s total crude oil exports are around 2.3 million bpd.

Latest news

The Role of Students and Universities in Iran’s Nationwide Uprising

In the national uprising of the people of Iran, which started in mid-September this year, the students played a...

Snapback Sanctions, a Must Response to Iran’s Human Rights Abuse and JCPOA Violations

The protests in Iran have been going on for more than two months, even though the regime is cracking...

Growing Disintegration Among Iran Regime’s Forces

Iran has been shaken by a wave of nationwide protests since mid-September. The trigger was the death of the...

Grim Tidings for Iran’s Regime After Approval of UN Fact-Finding Mission

After many discussions and debates, the United Nations Human Rights Council has approved a fact-finding mission to investigate the...

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Must read

Iran nuclear negotiators meeting German minister

Reuters: Germany's foreign minister said on Thursday he was...

A founder of Iran’s secret police now chief nuclear negotiator

Iran Focus: Tehran, Iran, Sep. 11 – As the...

You might also likeRELATED
Recommended to you