There is a rumor that more countries want to refuse to use US dollars when trading crude oil and that Iran joined these states. It is even said that the Russian ruble could replace the greenback in international payments.
However, the reality is much more prosaic. The Iranian government announced its willingness to reduce its dependence on US currency after sanctions’ relief last month. For years, this country has insisted that the single European currency should replace the greenback as a currency for global crude trade. A source at state-owned National Iranian Oil Company (NIOC) said that Iran will charge in euros its recently signed agreements with such firms as French Total, Spanish Cepsa, and Litasco, the trading arm of Russia's Lukoil, Reuters reports.
Besides, Iran gives consumers considerable discounts to attract the Europeans and compete against its main rival, Saudi Arabia. For instance, the discount for Iran Heavy crude makes up 6.55 US dollars. The Iranian government plans to ship abroad not less than 1 million barrels a day.
