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Total says using other currencies than USD in oil deals makes sense

: Monday, July 07 - 2014 @ 03:19

Christophe de Margerie, the chief executive of French oil giant, Total, has said he sees no reason for oil purchases to be made in dollars, adding that it makes sense to expand the use of other currencies in transactions outside the US, Bloomberg has reported. “Nothing prevents anyone from paying for oil in euros,” de Margerie told journalists at the Cercle des Economistes conference in Aix-en-Provence, France. “The price of a barrel of oil is quoted in dollars. A refinery can take that price and using the euro-dollar exchange rate on any given day, agree to make the payment in euros.”

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Monday, July 7- 2014 @ 3:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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