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Page added on April 10, 2016
Goodbye Rupee? Iran Tells India to Pay for Oil in Euro
Iran has stopped selling oil to India for rupees and now demands payment in euros only, Shana news agency citied Iran’s Oil Minister Bijan Zangeneh as saying on Saturday.
“From now on, Iran will trade oil only in euros,” Bijan Zanganeh told reports on the sidelines of Iran-India business conference at Tehran Chamber of Commerce.
Earlier, Tehran and New Delhi inked new contracts for additional Iranian oil exports to India with Minister Zanganeh saying that Tehran was ready to increase oil exports to India.
“We hope that India’s imports of oil from Iran will increase now that the sanctions have been removed,” Bijan Zanganeh told his visiting Indian counterpart Dharmendra Pradhan in Tehran.
When asked whether Iran would attend the April 17 meeting of OPEC oil ministers in Doha to discuss a proposed oil output freeze at January levels, Bijan Zanganeh was noncommittal saying only that the meeting was still “a way off.”
Iran has refused to cap its oil output and export saying it will keep increasing its crude exports until it has reached levels attained before international sanctions were imposed on Tehran over its nuclear program.
This year the Islamic Republic plans to export 2.25 million barrels of crude a day.
Iran has switched to euro in its foreign oil trade, in a bid to cut reliance on the US dollar. After the removal of sanctions, Tehran also wants to recover in euros some of its previously frozen assets.
Tehran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than US dollars.
Iran was allowed to recover some of the funds frozen under US sanctions in currencies other than dollars, including the Omani rial and UAE dirham.
22 Comments on "Goodbye Rupee? Iran Tells India to Pay for Oil in Euro"
geopressure on Sun, 10th Apr 2016 3:53 pm
India has become too close to the US over the last week or two… Iran not happy…
Boat on Sun, 10th Apr 2016 4:32 pm
The US has sold weapons, nuke tech and fighter jets etc. for decades. Now we got close to India over the last couple of weeks?
That is rather silly.
joe on Sun, 10th Apr 2016 4:42 pm
India close to the US, ha! India began the non-aligned movement! God help me people just dont get it. India will be happy to pay as long as they make money. India is going buy very little of the oil its going to get for storing vast amounts of Iranian oil. Iran doesnt have the storage capacity for the oil it wants to export.
Its also a very clever move on both sides, if sanctions are reimposed in future, Iran will have a third party to trade by to tough it out.
Its also highly unlikely the West+Sunnistans would impose sanctions on India as well. A very good balance of power struck by Iran to garrantee security.
Anonymous on Sun, 10th Apr 2016 8:35 pm
The amerikan empire invaded Iraq for the exact same thing, not so long ago. The uS to this day, would love to attack Iran directly, as opposed to the covert way it has to currently.
Iran is under no obligation to ‘cap’ its production-let the oil flow and see what happens to the uS and allied corporations that rely on high oil prices every bit as much as Russia or Iran does. Or how about western gov’ts that benefit from taxes derived from high priced oil? You get the idea…
makati1 on Sun, 10th Apr 2016 8:57 pm
“Tehran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than US dollars.”
Many countries are moving out from under the dollar tyranny.
Davy on Mon, 11th Apr 2016 10:33 am
More evidence of bric failures. More evidence of how problimatic bypassing the petro-dollar can be. Those here with agendas will try to look at this petro-dollar issue from the point of view of winners and losers. The issue of the dollar’s demise is central to their message for death to Merika.
The reality is currencies fluctuate and vary according to economic circumstances. The dollar has shown strength lately other currencies have not. The dollar strength is only a moving target. Much depends on the fed and other central bank’s activities. A impending uS recession will surely cause dollar weakness. Traders care about profit not agendas.
All this is way above the idiot anti-merikan agenda speak here. This group has suffered a huge message failure from the crash of the Brics. The message was the immediate crash of the dollar and the uS economy and the rise of the Brics as replacements. This has not happened unfortunately for them.
They want this to happen as one wants cake and eat it. The problem with this thinking is currencies and economies do not exist in a vacume. Currency wars and failing economies hurt everyone. These anti-mericants want pain for the uS instead we will have pain for all. What a joke. I love how their parade is being rained on time and time again.
p…..S. toranto canada anonymous was the anti-mericant embellishment type accurate?
Apneaman on Mon, 11th Apr 2016 1:03 pm
davy girl, are mommy and daddy named in the Panama papers? Where did you learn to become such a flag waver? Couldn’t have been from mommy and daddy since they obviously can’t stand to live in the country. Move both your ass and ill gotten gains off shore – clever little monkeys.
Davy on Mon, 11th Apr 2016 4:04 pm
No, but I was wondering apehole are you going to participate in Chinese money laundering like many of your fellow Hongcover dumbasses. You do realize when you flip those slum deweling you are renting out you are selling them to some grotesque Chinese roberbarren. You are taking money out of a Chinese peasant’s pocket. Your Chinese partner in crime is robbing the poor and making you honcover dumbasses wealthy by ill gotten gains. You are also gutting your culture or what little you have left. You BC Canadian dumbasses should be ashamed of yourselves. All that high and mighty talk but all you have to show for it is exploitation of the poor.
marmico on Mon, 11th Apr 2016 4:20 pm
Davy Greeancres got the fake silver service set through the Isle of Man tax dodge.
That’s why he digs his fence post holes with a teaspoon.
What a fucking moron. Can’t you build a turn key doomstead in 6 months?
Davy “Marriot Doomstead” Greenacres Inc. Shit, float an IPO. Sell timeshares.
I’m Davy, the savvy honey bee apiarist, and Colony Collapse Order ain’t fucking around with my yield.
Davy on Mon, 11th Apr 2016 4:27 pm
Marmi, you still smarting from the other day when I rightly identified you as a psychopathic asshole? You are the lowest human common denominator and that is a bag of shit.
marmico on Mon, 11th Apr 2016 4:45 pm
Teaspoons and Ladyboys. You and Makati have a lot in common.
whitecedar on Mon, 11th Apr 2016 7:12 pm
It is Iran’s new face. The way they are spending money they may find themselves going Bankrupt like Russia.
What I am that oil has not been found in India. May be it would be worth while if you stated drilling exploration. You might have more that Iran.
Then you would be about to get paid instead of paying the greedy Iranians.
GregT on Mon, 11th Apr 2016 7:45 pm
“The way they are spending money they may find themselves going Bankrupt like Russia.”
Russian debt to GDP is 15.6% whitecedar. US debt to GDP is 104%.
Now tell us all again, who is going bankrupt?
makati1 on Mon, 11th Apr 2016 7:55 pm
GregT, no fair hitting below the belt, but hit him again! LOL
If you take into account promised liabilities, etc, the Us is in debt several times that 104%. In fact, the Us is the Number One debtor in the world if all of it’s debts are counted.
Davy on Mon, 11th Apr 2016 8:11 pm
Russian debt ready to explode:
http://www.valuewalk.com/2015/02/russian-debt-to-gdp/
GregT on Mon, 11th Apr 2016 8:24 pm
“Russian debt ready to explode:”
To what? A third of what US national debt is? Without unfunded liabilities, and a 750 trillion dollar shadow banking ‘industry’?
O.K……..
Al on Mon, 11th Apr 2016 9:28 pm
Not too smart eh…demanding Euro for oil. In the time of plentiful oil, slowing economies and fewer buyers….really. Every oil producer is interested in increasing market share…Euro will only limit sale of Iranian oil. Nigerian quality oil gives better bang for the buck in spot market…Iranian oil has no advantage with Euro.
makati1 on Mon, 11th Apr 2016 9:49 pm
Al, wanna bet on that? China will buy in Euros. India will buy in Euros. Most countries that are not up the Imperial ass will gladly buy in any coin except dollars. It saves them money and cuts out the Imperial control.
makati1 on Mon, 11th Apr 2016 9:54 pm
“Russian debt ready to explode”
GregT, that is about like telling a devoted pepper with 10 years supply of food stored in his basement that he is gong to starve in the next few months. Russia is sitting on the last great hoard of natural resources left on this planet. I doubt they give a damn what the Imperial Propaganda Machine claims.
GregT on Mon, 11th Apr 2016 10:30 pm
mak,
After their involvement in the collapse of the former S.U., and the recent geopolitical and financial games played by DC, you can be sure that the Russians are at the top of their game.
Reminds me of that famous quote by a former leader of the US;
“Fool me once, shame on … shame on you. Fool me… You can’t get fooled again.”
makati1 on Tue, 12th Apr 2016 12:38 am
Russians seem to learn from their mistakes and problems. Not so Americans.
dooma on Tue, 12th Apr 2016 2:38 am
Unfortunately, the rest of the world has to bear the brunt of America’s problems and ego.