Does BP sell its oil on the world market in US dollars or euros?

[Petrushka]

If I remember correctly, back in the 70s, the Saudis agreed to sell its oil in dollars.
In early 2008, Iran began selling its oil in euros instead of dollars. So . . .

Is BP oil traded in US dollars or euros?

[PDJane]

1. The last I looked,

the only reason the USD is staying afloat is that all oil is traded in USD....that was a deal Bush Sr. made with the Saudis.

I haven't seen a change, although the Iranians were planning to open a bourse of their own that traded in Euros.

[Petrushka]

6. Thank you for your reply. I found an old news report re: Iran and Euros --->

http://www.cbsnews.com/stories/2008/04/30/business/main4057490.shtml

[Coyote_Bandit]

2. Ummmm......

The standard for oil valuation and pricing is usually West Texas intermediate crude - priced per barrel in dollars.

If the oil is traded on a market not demoninated in dollars then that dollar value is converted into the appropriate currency at an equvalent value.

Crude that is of different quality than West Texas intermediate crude might trade for a premium or a discount based upon the quality of the crude.

[Petrushka]

5. Thank you for your explanation. (eom)

[jdlh8894]

3. What difference does it make? Call OPEC for an answer.n/t

[Petrushka]

4. Don't know what difference it makes, but . . .

. . . my daughter thought it was a question worth asking.
Thanks, nevertheless!