Iran stops selling oil in U.S. dollars

[Skitzer]

I don't see what the big problem is here .... this is just good business practice. Is anybody really surprised?
They're just trying to ring every penny out of every barrel they can.

"For nearly two years, OPEC's second biggest producer has been reducing its exposure to the dollar, saying the weak U.S. currency is eroding its purchasing power. Iranian President Mahmoud Ahmadinejad, who often rails against the West, has called the U.S. currency a "worthless piece of paper."

 

[TastesLikeChicken]

Originally posted by: OokiiNeko

The only people this will affect are the FUDsters who don't have the first idea how the petroleum market works

Then how does it work? Those aren`t Exxon tankers going to the Middle East?

Exxon tankers? What does the shipping aspect have to do with this? An Exxon tanker can be contracted by any number of companies to ship oil from point A to point B. Just because Exxon may have its name on the tanker that doesn't imply it's their oil inside of it.