Iran has decided to move away from the petrodollar and conduct its oil trade in euros, not in US dollars. Economic analyst Shabbir Razvi said that Iran is playing a chess game with the US.
On the one hand, Iran is trying to improve its relation with the United States but on the other hand it wants to conduct its oil trade in euros because it want to avoid that the US become too strong.
In fact, if Iran decides to move away from petrodollar, the American control over oil trade will decrease. Nowadays, the US dollar is the currency used for any multinational transactions. However, in the last years transactions in dollars have decreased from 90 to 60 per cent.
Ravi also declared that Western financial elites need the petrodollar system and for this reason Iran is playing a strategic and delicate chess game.
For years Iran has tried to replace the dollar with the euro as the currency for international oil trade. In 2007 Iran failed to convince the members of OPEC to make this change.