Iran wants to give up the US dollar in oil sales, Reuters reported. From now on, Iran is to invoice new crude sales in euros and other currencies. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its newly-signed contracts with France’s oil and gas major Total, Spain’s refiner Cepsa, as well as Litasco, the trading division of Russia’s Lukoil. This way Tehran aims to reduce its dependence on the US dollar. The Middle East republic decided on switching oil sales to euros when it was still under international sanctions. On January 20, Iran discounted oil invoices for its European customers in an effort to compete with Saudi Arabia. So Iran slashed $6.55 a barrel on heavy crude grade for shipments to Europe. On January 17, the US and EU declared the end of sanctions on Iran over its nuclear program. In response, Tehran took on some commitments. In particular, the unfinished uranium enrichment plant in Fordow is to be converted into "a nuclear, physics and technology center". The reactor in Arak should be redesigned and rebuilt according to international standards. Spent fuel will be removed out of the country. Iran announced its plan to supply 1 million barrels a day to the global oil market. Iran has been barred from the European market due to the EU sanctions.