Iran stops selling oil in US dollars

Iran suggested oil should be sold in a basket of currencies rather than dollars

In a move which could cause fuel prices to fluctuate even more, Opec giant Iran has completely stopped selling any of its oil for US dollars.

The ISNA news agency says Iran's crude oil sales are now being paid for in non-US currencies, mainly the Euro.

Iran says the weak US currency is eroding its purchasing power. At the latest November summit of Opec, Iran suggested oil should be sold in a basket of currencies rather than dollars, but failed to win over other members except Venezuela.