iran dumps the dollar in oil deals

from press tv: Iran has completely stopped carrying out its oil deals in dollar following the OPEC proposal to trade crude in non-dollar currencies.

"The dollar is no longer a reliable currency, considering its devaluation and the loss suffered by oil exporters," said Iranian Oil Minister Gholam-Hossein Nozari.

"Iran proposed in the last OPEC (Organization of Petroleum Exporting Countries) summit that member states use a reliable currency in their oil transactions to prevent further losses," he said, adding that the organization will come to a decision on the issue in the Vienna meeting on February 2.

Meanwhile, the organization decided to keep oil output unchanged at the Abu Dhabi summit on December 5, arguing that there was enough oil in the market to meet winter fuel demand.