(1) (Intention period)
In the end of 2006 and early 2007, the oil price was about $60/barrel. When Iran expressed its intention to use the euro for foreign transactions.
It was about $70/barrel in early July/07. In six months, it rose 10 dollars per barrel.
06-12-18. Iran scraps Dollar, takes on Euro
Mon. 18 Dec 2006
Tehran, Iran, Dec. 18 - Iran's central bank will begin to use the euro for foreign transactions, replacing the long-established dollar system, government spokesman Gholam-Hossein Elham told reporters during his weekly press conference on Monday.
(2) Practising period.
From early July 2007 to the end of January 2008, in seven months, oil price rose from $60/barrel to $95/barrel. In this period, Iran completed its oil trading from dollar to foreign currency.
Quote, " Iran wants yen
July 13/2007 (Bloomberg) -- Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, after Iran's central bank said it is reducing holdings of the U.S. dollar."
(3) Expand to future deal.
Early February 2008 to 7/4/2008, oil price was pushed up from $95 to $147 a barrel. That's a $50 dollars inflation in five months. Why I start this period from Februry 2008? Because Iran's Bourse innaugurated on Feb.17. When the oil customers of Iran have to buy the future contract by reserving more foreign currency in the bank, US has to push up the price, let other OPEC customers absorb the Petro-dollars dumped by Iran customers.
Quote, "Iran Oil Bourse to deal blow to dollar
Fri, 04 Jan 2008
The long-awaited Iranian Oil Bourse, a place for trading oil, petrochemicals and gas in various non-dollar currencies, will soon open.
Iran's Finance Minister Davoud Danesh-Jafari told reporters the bourse will be inaugurated during the anniversary of the Islamic Revolution (February 1-11) at the latest.
Some expert opinions hold inauguration of the bourse cold significantly devalue the greenback.
08-03-01. Iran shifts oil sales away from dollar
Sat, 01 Mar 2008
Deputy head of the National Iranian Oil Company for international affairs says Iran has completely dropped dollar in its oil sales.
In an interview with The Financial Times, Hojjatollah Ghanimifard said that over the past three months, Iran has received 75 percent of the proceeds from its oil sales in euros and the remaining 25 percent in the Japanese currency, yen.
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