Iran has stopped trading in US dollars for oil, according to a top Iranian oil ministry official.

The official, Hojjatollah Ghanimifard, told Iranian state-run television today that “the dollar has totally been removed from Iran’s oil transactions,” and that the country has “agreed with all of our crude oil customers to do our transactions in non-dollar currencies.”

The dollar’s spending power, like it or not, is at the mercy of Iranian president President Mahmoud Ahmadinejad, says Addison Wiggan

The oil market is supplied with enough crude.

This is the view of the group’s secretary-general, Abdullah al-Badri, expressed on Saturday during a visit to Iran.

“Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar’s value, shortage of refinery capacity and some political tensions in the world,” said a-Badri, according to the Iranian state news agency.