UPDATE 1-Total CEO calls for bigger euro role in oil payments

Sat Jul 5, 2014 7:12am EDT

(Adds background on EU discussions of euro use)

AIX-EN-PROVENCE, France, July 5 (Reuters) - Oil major Total's chief executive said on Saturday the euro should have a bigger role in international trade although it was not possible to do without the U.S. dollar.

Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.

"Doing without the (U.S.) dollar, that wouldn't be realistic, but it would be good if the euro was used more," he told reporters.

"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

French Finance Minister Michel Sapin said on Thursday that euro zone finance ministers would discuss ways of boosting use of the euro in international trade in their next monthly meeting on Monday.

"It would be a way to protect businesses when, outside of U.S. territory, they carry out transactions that are perfectly legal in the country they belong to," he said.

(Reporting by Ingrid Melander; Editing by Louise Ireland and Stephen Powell)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
amadeus_k331 wrote:
It’s not necessary at all to trade oil in USD… Oil natural gas and all other commodities can be traded in any currency the parties in that transaction wish to. China and Russia and the $400B oil/gas deal they just signed with each other; that is NOT done in USD at all. And the USD index falling below the critical level that it needed to support, just shows that nations and people in general are questioning the viability of the USD and its status of the world’s reserve currency. The US has run out of countries to export its inflation to, and the 400% increase in the USD money supply created out of nothing by our good friend Bernanke and those behind the scenes that control him, has done nothing but light the fuse to an inflation bomb that is set to rock the financial world to its very core…. There is NO reason why countries and companies should have to use the USD/ if you can calculate an exchange rate, you can conduct transactions in whatever money/currency you wish.

Jul 05, 2014 1:04pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.