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Anas Alhajji, managing partner, energy economist, market analyst at Energy Outlook Advisors LLC, states that if all of Iran's oil exports were sold in U.S. dollars, the currency's share in global trade would increase by just one-fifth of 1 percent, or 0.20 percent.
This analysis highlights the modest impact of Iranian oil trade denominated in U.S. dollars on the broader international use of the currency.
In recent market commentary, Alhajji highlighted a sharp U.S. crude inventory draw that lifted prices, while surprise builds in gasoline and distillates raised demand concerns, as reported here. He also noted that Russian LNG exports reached record highs and Venezuela's crude oil shipments surged to early 2019 levels, as covered previously. These developments follow his latest analysis of Iran's oil export figures and their implications for global dollar trade.