Thursday, August 2

Iran's latest move on petrocurrency front

Further to my warning to State in today's earlier post, I note this World Net Daily report:
Iran has intensified pressure on the falling U.S. dollar by demanding that Japan begin paying for Iranian oil in yen, instead of dollars. Hojjatollah Ghanimifard, the head of the National Iranian Oil Company, or NIOC, has confirmed the company has asked Japan to open letters of credit in yen in preparation for NOIC issuing oil invoices in Japanese currency. In April, WND reported Iran successfully pressured China to begin paying for Iranian oil in euros, not dollars. [...]

Iran produces approximately 2.3 million barrels of crude oil per day, with approximately 65 percent of that volume headed for Asia, largely to China and Japan.
Read more of the report.

Bottom line: Today, countries rich in oil have many powerful means to fight US 'soft' attempts to overthrow their government.

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