Iran preps to sell oil in Euros

In the past I’ve said that Iran plans on selling its oil in Euros (€), instead of the standard US$.

Well the ability to buy Iranian oil in is one step closer:

The Chairman of the Majlis Energy Commission, Kamal Daneshyar said here, on Friday, that preparatory measures have been taken to sell oil in euros instead of dollar, adding that such a measure is quite positive and should be taken as soon as possible.

As for the probable consequences of such a decision, Daneshyar said that when such a measure is taken, the United States would soon realize that it is not the one who can always inflict economic damages on the Islamic Republic and that Iran can also get even with it.

Daneshyar who also represents Mahshahr in the Majlis noted that prior to this the way was not paved for undertaking such a program, adding that fortunately the present government possesses the necessary management bravery to prepare the ground for taking such a measure.

Doesn’t say for certain when it’ll happen, just a case of when not if though (as long as the US/UK/Israel don’t bomb the shit out of it first…).

Remember, the USA officially is bankrupt (over $8 trillion in debt, as of 1st December). The only reason anyone buys US$ is because oil is demoninated in it (and so you have to have US$ in order to buy it). If the world changes to Petro-€ standard, then, according to the US Navy's Center for Contemporary Conflict, it would lose somewhere between 20-40% of its value (as countries would have to swap their US$ reserves for €s)!