Chancellor Schroder peddles petroeuros

Schroder and several other EU politicians are also working behind the scenes to convince Russian President Vladimir Putin to denominate Russian crude oil and natural gas in euros. Currently, countries and companies can only buy oil if they have dollars.
That means that non-oil producing countries first have to sell their goods to earn dollars with which they can purchase oil. In contrast, the United States must only print money. This creates a great demand for dollars outside of the United States. Around 68 percent of the world’s currency reserves are currently in dollars, compared with 13 percent for the euro, according to the International Monetary Fund.

Frankfurter Allgemeine Zeitung