About 70% of Iran oil income in non-U.S. dollar

Iran, embroiled in a row with Washington over its nuclear program, has increased the amount of its oil export earnings in currencies other than U.S. dollars to about 70%, an Iranian official said. "If the dollar gets weaker, we will increase that percentage," said Hojjatollah Ghanimifard, international affairs director of the state-owned National Iranian Oil Company (NIOC), who in March had cited a figure of 60% for Iran's oil export income in other currencies.

Iranian officials have said they are seeking to limit dollar-denominated trade. The central bank governor has said Iran was seeking to "distance" itself from dollars and held just 20% of its foreign reserves in the U.S. currency. "We are following our government's monetary policy not to depend on the weak U.S. dollar," Ghanimifard said.

The United States has been leading efforts to try to isolate Iran over its nuclear program, which Washington says involves a covert plan to make atomic bombs, a charge Tehran denies. Industry sources say Iran now produces about 4 million barrels per day (bpd) of oil and exports about 2.4 million bpd. In the year to March, Iran earned about $53 billion from its oil exports, an oil official said.

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