Iran Asks Japan Pays for Oil in Yen, Not Dollars

Iran has been deliberately moving its exposure to the dollar and dollar-based assets, faced with the threat that the US could freeze its US-based dollar accounts in response to its nuclear plans.

Published: 15-Jul-2007

The dollar was driven down against the Japanese yen this afternoon, hit by the news that Iran had asked Japan to pay for its oil purchases in the Japanese currency and not in dollars.

Iran has sent a letter to Japanese refiners, signed by Ali A Arshi, the general manager of crude marketing and exports for Iran's national Iranian Oil Company, according to a report by Bloomberg.

The letter asks for yen payments "for any/all of your forthcoming Iranian crude oil liftings." The request is for all shipments "effective immediately".

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

Although debated and denied frequently, a massive shortfall in oil production is coming faster than many are willing to admit. Dr. Alex Kuhlman assesses the situation and its effect on the airline industry, and reminds us to start thinking about tomorrow. Pictured is Airbus A380 jumbo jet.

READER COMMENTS

blog comments powered by Disqus