Geopolitical, psychological factors contribute to high oil prices
Iran’s plans to open an oil trading exchange that operates in Euro rather than in dollars could very well be viewed as largely political because the Islamic republic is trying to undermine its enemy’s currency — the US dollar. At the same time there is a sound economic reason behind this ambitious endeavour –- the diversification of revenue away from the dollar, until now the world’s sole currency for buying crude, towards a be...
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