Iran wants euros for oil

Iran is looking to receive payment for oil exports in euros as it moves its currency reserves away from the US dollar, reported Reuters. Around 57% of Iran's income on nearly 2.4m bpd of oil is now in euros according to Gholamhossein Nozari, the MD of the National Iranian Oil Company. But he added oil contracts were still based on the US dollar to fit in with accepted international practice.