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Nippon Oil To Pay Yen For Supply
by Stewart DouglasJapanese oil company Nippon Oil have announced today that they are to begin buying Iranian oil in Japanese Yen, rather than in dollars as present.
As of October, the Japanese firm will pay only in Yen for its oil supplied through Iran, which has adopted a policy of selling its exports in other currencies as a result of devaluation of the dollar, particularly as opposed to the Yen.
Additionally, political tensions between Iran and the US have led to the decision to sell off oil in currencies other than the internationally conventional dollar, with the US growing increasing critical of Iranian nuclear plans.
Iran has undertaken a programme of nuclear development, which many American analysts fear is for the benefit of nuclear weapons and poses a significant threat to the West.
However, the Iranian government maintain that the investment in their nuclear programme is solely for ‘civilian’ purposes, designed to provide a source of sustainable energy for Iran’s domestic power supply.
With the dollar flailing on world exchanges, oil exporters across the globe have been hit when selling their goods in dollars. As the world’s fourth largest exporter of crude oil, Iran has suffered heavily at the hands of the international devaluation of the dollar, which has been a major driving force in today’s announcement.
The news comes a year after Iran initially took steps to negotiate alternative currency clauses with its trade partners in order to counter the restrictive dollar-only market that had previously existed.
Whilst today’s move is not designed to alter the value of contracts already agreed with Nippon Oil, it could pave the way for Iran to start a wider programme of alternative currency trading in crude oil to Japan and other Asian nations for its exports as both an economic and political statement against the US.
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