Venezuela contemplates Iranian move of charging for oil in euros

After Iran, another OPEC member Venezuela, has said it is considering asking foreign importers to pay for oil in euros rather than US dollars. The US has strained relations with both Iran and Venezuela.

Citing the weakness of the US dollar, Iran has already asked customers to pay for Iranian imports in the euro.

However, According to the National Iranian Oil Company Iran still prices its oil in dollars, but currently accepts payment for only 43-per cent of its oil exports in dollars, the rest being in euros, a scheme that Venezuelan energy minister Rafael Ramirez has described as "very interesting".