Full Version: Iran Oil Bourse OPENS
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QUOTE(jeffmoskin @ Feb 20 2008, 07:16 PM) 
Iran opens its 1st oil products bourse
TEHRAN, Iran
Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country's oil ministry said.
A statement posted on the ministry's Web site said 100 tons of polyethylene consignment was traded at the market's opening on the island, which houses the offices of about 100 Iranian and foreign oil companies.
Oil and petrochemical products will be traded in Iranian Rials, as well as all other hard currencies, the statement quoted Iranian Oil Minister Gholam Hossein Nozari as saying. About 20 brokers are already active in the market, it said.
"The bourse provides an economic opportunity for Iranians, other countries and foreign customers," Nozari was quoted as saying.
Iran produces more than 20 million tons of petrochemical products per year.
Iran has already registered for another oil bourse, in which it has said it hopes to trade oil in Euros instead of dollars, to reduce any American influence over the Islamic Republic's economy.
A bourse official, Mahdi Karbasian, told the IRNA official news agency that such an oil market would begin operating within the next year.
While most oil markets are traded in U.S. dollars, Iran first floated the idea of trading oil in Euros in the early 2000s during the tenure of reformist president Mohammad Khatami. It gained new life after the nationalist Mahmoud Ahmadinejad was elected in 2005.
As the fourth-largest oil producer in the world, Iran has a measure of influence over international oil markets. The country ranks second for output among OPEC Countries, and controls about 5 percent of the global oil supply.
Tehran also partially controls the Persian Gulf's Strait of Hormuz, through which much of the world's oil supply must pass.
Iran has sought to wield its oil resources as a bargaining tool in its ongoing standoff with the West over its nuclear program.
The U.N. Security Council is considering imposing a third set of sanctions on Iran for defying a request to halt uranium enrichment. But Tehran has expressed doubt that the world body would impose sanctions on the country's oil sector, because such a move would likely drive global oil prices higher.
I bumped this one because it is of extreme importance. I've bolded some important statements:
QUOTE(jeffmoskin @ Feb 20 2008, 11:09 PM)
Iran opens its 1st oil products bourse
TEHRAN, Iran
Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country's oil ministry said.
A statement posted on the ministry's Web site said 100 tons of polyethylene consignment was traded at the market's opening on the island, which houses the offices of about 100 Iranian and foreign oil companies.
Oil and petrochemical products will be traded in Iranian Rials, as well as all other hard currencies, the statement quoted Iranian Oil Minister Gholam Hossein Nozari as saying. About 20 brokers are already active in the market, it said.
"The bourse provides an economic opportunity for Iranians, other countries and foreign customers," Nozari was quoted as saying.
Iran produces more than 20 million tons of petrochemical products per year.
Iran has already registered for another oil bourse, in which it has said it hopes to trade oil in Euros instead of dollars, to reduce any American influence over the Islamic Republic's economy.
A bourse official, Mahdi Karbasian, told the IRNA official news agency that such an oil market would begin operating within the next year.
While most oil markets are traded in U.S. dollars, Iran first floated the idea of trading oil in Euros in the early 2000s during the tenure of reformist president Mohammad Khatami. It gained new life after the nationalist Mahmoud Ahmadinejad was elected in 2005.
As the fourth-largest oil producer in the world, Iran has a measure of influence over international oil markets. The country ranks second for output among OPEC Countries, and controls about 5 percent of the global oil supply.
Tehran also partially controls the Persian Gulf's Strait of Hormuz, through which much of the world's oil supply must pass.
Iran has sought to wield its oil resources as a bargaining tool in its ongoing standoff with the West over its nuclear program.
The U.N. Security Council is considering imposing a third set of sanctions on Iran for defying a request to halt uranium enrichment. But Tehran has expressed doubt that the world body would impose sanctions on the country's oil sector, because such a move would likely drive global oil prices higher.
TEHRAN, Iran
Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country's oil ministry said.
A statement posted on the ministry's Web site said 100 tons of polyethylene consignment was traded at the market's opening on the island, which houses the offices of about 100 Iranian and foreign oil companies.
Oil and petrochemical products will be traded in Iranian Rials, as well as all other hard currencies, the statement quoted Iranian Oil Minister Gholam Hossein Nozari as saying. About 20 brokers are already active in the market, it said.
"The bourse provides an economic opportunity for Iranians, other countries and foreign customers," Nozari was quoted as saying.
Iran produces more than 20 million tons of petrochemical products per year.
Iran has already registered for another oil bourse, in which it has said it hopes to trade oil in Euros instead of dollars, to reduce any American influence over the Islamic Republic's economy.
A bourse official, Mahdi Karbasian, told the IRNA official news agency that such an oil market would begin operating within the next year.
While most oil markets are traded in U.S. dollars, Iran first floated the idea of trading oil in Euros in the early 2000s during the tenure of reformist president Mohammad Khatami. It gained new life after the nationalist Mahmoud Ahmadinejad was elected in 2005.
As the fourth-largest oil producer in the world, Iran has a measure of influence over international oil markets. The country ranks second for output among OPEC Countries, and controls about 5 percent of the global oil supply.
Tehran also partially controls the Persian Gulf's Strait of Hormuz, through which much of the world's oil supply must pass.
Iran has sought to wield its oil resources as a bargaining tool in its ongoing standoff with the West over its nuclear program.
The U.N. Security Council is considering imposing a third set of sanctions on Iran for defying a request to halt uranium enrichment. But Tehran has expressed doubt that the world body would impose sanctions on the country's oil sector, because such a move would likely drive global oil prices higher.
Nope, nothing in the media
Just some odd missile going off
Just some odd missile going off
Well, a missile may have gone off, but the opening of an fourth oil exchange WITH THE INTENTION OF TRADING IN EUROS next year means that the US has lost its monopoly on the Dollar as the SOLE RESERVE CURRENCY.
This is huge, bigger than a missile, because it establishes the Euro as an ALTERNATE global reserve currency.
Isn't that what the BushWar was all about?
That plus raising the price of oil (who says Bush can't do anything right)?
And printing dollars to pay for that war?
This is huge, bigger than a missile, because it establishes the Euro as an ALTERNATE global reserve currency.
Isn't that what the BushWar was all about?
That plus raising the price of oil (who says Bush can't do anything right)?
And printing dollars to pay for that war?
Iran opens its 1st oil products bourse
Newsweek - USA
AP Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country's oil ministry said. ...
See all stories on this topic
Oil minister: Iran's oil bourse a gate to Int'l oil business
Mathaba.Net - London,UK
Oil Minister Gholam Hossein Nozari said on Sunday that Iran's Oil Bourse is to open gate of international oil business to Iran in the near future. ...
See all stories on this topic
Newsweek - USA
AP Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country's oil ministry said. ...
See all stories on this topic
Oil minister: Iran's oil bourse a gate to Int'l oil business
Mathaba.Net - London,UK
Oil Minister Gholam Hossein Nozari said on Sunday that Iran's Oil Bourse is to open gate of international oil business to Iran in the near future. ...
See all stories on this topic
Iran Opens Oil Bourse to Sidestep US Sanctions
Money Morning - USA
Iran has also registered for another oil bourse, in which it intends to trade crude contracts in euros instead of dollars with the hope of reducing US ...
Money Morning - USA
Iran has also registered for another oil bourse, in which it intends to trade crude contracts in euros instead of dollars with the hope of reducing US ...
QUOTE(Snuffysmith @ Feb 22 2008, 12:41 PM)
Iran Opens Oil Bourse to Sidestep US Sanctions
Money Morning - USA
Iran has also registered for another oil bourse, in which it intends to trade crude contracts in euros instead of dollars with the hope of reducing US ...
Money Morning - USA
Iran has also registered for another oil bourse, in which it intends to trade crude contracts in euros instead of dollars with the hope of reducing US ...
That is the one I am talking about.
Creating a "marker" in Euros for oil is a BIG DEAL.
Why, you may ask.
Because it means that ANYBODY be it Venezuela, Nigeria, Sudan, Indonesia, etc etc who produces oil can come to the new Bourse and sell contract FUTURES denominated in the Euro.
That instantly makes the Euro an official INTERNATIONAL RESERVE CURRENCY.
Period.
And it terminates the century old monopoly held by the US Dollar.
Stay up on this, folks.
It is really important.
Even more than Britney Spears.
QUOTE(jeffmoskin @ Feb 22 2008, 05:54 PM)
Creating a "marker" in Euros for oil is a BIG DEAL.
Why, you may ask.
Because it means that ANYBODY be it Venezuela, Nigeria, Sudan, Indonesia, etc etc who produces oil can come to the new Bourse and sell contract FUTURES denominated in the Euro.
That instantly makes the Euro an official INTERNATIONAL RESERVE CURRENCY.
Period.
And it terminates the century old monopoly held by the US Dollar.
Why, you may ask.
Because it means that ANYBODY be it Venezuela, Nigeria, Sudan, Indonesia, etc etc who produces oil can come to the new Bourse and sell contract FUTURES denominated in the Euro.
That instantly makes the Euro an official INTERNATIONAL RESERVE CURRENCY.
Period.
And it terminates the century old monopoly held by the US Dollar.
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.
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.
All of this however is only speculation at this point. Iran has repeatedly scheduled dates for the opening of an oil exchange only to push the opening back to a later date. The bourse’s success also hinges on whether or not other Persian Gulf nations as well as OPEC members sign on and become involved in the exchange.
(14 February 2008)
http://www.energybulletin.net/40371.html
Greenspan touts solution to Gulf inflation, now at near-record levels: Suggests that oil countries abandon their Dollar pegs! It’s now time for the Gulf to have its own currency
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