Iran's Oil Bourse set to open on Sunday

[December]

Iran's Oil Bourse set to open on Sunday

Iranian Oil minister Gholamhossein Nozari has confirmed to Iranian news outlets that the long awaited oil bourse will begin trading in oil related products on Sunday February 17th. Just what oil related products means is not yet clear because few details have been released to the public.
What we do know is that the bourse (oil exchange) will be dealing in strictly rail, the Iranian currency. The guess is right now that the bourse, which is to be located on the gulf island of Kish, will open by trading in oil products and within a short amount of time begin dealing in crude. This comes at a time when Iran’s oil output is reaching levels not seen in Iran since 1979.

READ MORE - http://www.politicallore.com/uncategorized/irans-oil-bourse-set-to-open-sunday/156

This is bad news for US. Barely a whisper of this in the Western press.

[potter]

This is bad news for US. Barely a whisper of this in the Western press.



It wasn't mentioned in the US press when Iraq quit trading in U.S. petro dollars either.

[NoMoreDems-Reps]

Time to move to a Hydrogen and Electric Car industry !!!

New Jobs in America and Independence form countries like
Iran and Venezuela .....
And no more "Vested Interests" in the Middle East that might
cost us another $500,000,000,000.00 in Debt !

[Grizz]

This is bad news for US. Barely a whisper of this in the Western press.


Why is this bad news for the U.S.? Granted, the dollar has taken a beating in world markets, but why would another oil exchange be bad news?

[jafar00]

This is bad news for US. Barely a whisper of this in the Western press.


Why is this bad news for the U.S.? Granted, the dollar has taken a beating in world markets, but why would another oil exchange be bad news?


Because US$ will not be one of the accepted currencies to pay for the Oil.

This new bourse basically guarantees that Iran will soon be bombed. Just like it happened to Saddam.

[December]

This is bad news for US. Barely a whisper of this in the Western press.


Why is this bad news for the U.S.? Granted, the dollar has taken a beating in world markets, but why would another oil exchange be bad news?



It says in the article I linked to:

The fear in the United States in some economic circles is that the opening of this bourse could lead to a further decline of the U.S. dollar. The U.S. dollar is currently the international currency in the trading of crude oil, with all oil exchanges being located in the Western world, but the Iranian oil bourse would seek to change this fact. As long as the U.S. dollar is the only international currency that can be used in purchasing oil the dollar will remain relatively stable because it will be in demand to purchase oil, if for no other reason. Therefore, countries such as Saudi Arabia are forced to accept the dollar for the sale of their crude and countries such as China and India are forced to keep the dollar on hand to purchase oil. Since the dollar has now fallen below the value of the Euro the opening of the Iranian Oil Bourse would remove one of the last remaining incentives for nations to hold onto the United States dollar. Some even go as far as to speculate this looming opening of the oil bourse being a reason for the harsh rhetoric Washington has used in the recent past towards Iran.

http://www.politicallore.com/uncategorized/irans-oil-bourse-set-to-open-sunday/156

[Grizz]

I'm not totally convinced. What would the exchanges be in? Euros? Rubles? I really don't see any other currency in the world that is as readily convertable as the dollar, even though, thanks to Mr. Bush's policies of tax cutting and borrowing, it's taken a beating on world markets.

[December]

I'm not totally convinced. What would the exchanges be in? Euros? Rubles?

Yes. Euros and Rubles. America is no longer welcomed.