Gumping
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Defo a conspiracy theory - remains to be seen if there is any truth in it.
The Iranian Oil Bourse has been planned for many years. I've been reading articles on it for at least the last two years. The reports I read suggested that they would accept Euro, Yen, CHF, Rouble etc as well as USD for oil. It's difficult to imagine such a move bringing down the USD since there probably aren't enough of all of these currencies in circulation to cause a dent.
Besides, people like Chavez have been de-dollaring their oil for a long time: alot of South American states are now swapping oil for services (eg Cuban doctors in exchange for Venezuelan oil) and raw materials without involvement of dollars.
And of course dear old Saddam wasn't selling his oil in euros either: he wasn't allowed under international sanctions, and hence was swapping it for food. He merely asked for the value of his oil accounts to be expressed in Euros, which is a long way off of actually trading in them.
In short, I dunno about all of this conspiracy stuff, but maybe Bill Hicks could shed some light .....:whistling
Some further reading
Asia Times Online :: Asian news and current affairs
Asia Times Online :: Middle East News, Iraq, Iran current affairs
and one by a former director of the IPE (now called ICE)
Asia Times Online :: Middle East News, Iraq, Iran current affairs
Asia Times Online :: Asian news and current affairs
Asia Times Online :: Middle East News, Iraq, Iran current affairs
and one by a former director of the IPE (now called ICE)
Asia Times Online :: Middle East News, Iraq, Iran current affairs
These articles were written on 26 August 2005; 10 March 2006 and 11 April 2006; to say that they are out of date is an understatement. They were penned by individuals and carried by Asia Times Online, that openly encourages freedon of speech and expression and does not pay the contributors for their articles/work or research.
The internet brings a lot of information to the masses at little or no cost, sadly, some of it leaves a lot to be desired but does have entertainment value and serves to raise a few eyebrows.
The internet brings a lot of information to the masses at little or no cost, sadly, some of it leaves a lot to be desired but does have entertainment value and serves to raise a few eyebrows.
And your point is what ? Whether contributors are paid or not is no measure of the intrinsic worth of their contributions. Journalists on the Sun are paid for their "work".
And being a couple of years old does not necessarily make them "out of date".
fibonelli
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Iranian Oil Bourse Opening by Steve Austin - 2008/02/06
The Iranian Oil Bourse establishing Euro-based pricing of oil is set to open on February 19th 2008 and could have devastating effects on the US dollar.
Currently all three major oil markets (WTI, NYMEX, IPE) trade barrels of oil in US dollars. Consequently any country buying oil needs dollars to pay for it. This enables the US Federal Reserve to issue huge volumes of dollars to meet increasing demand for oil. In return oil producing nations invest dollar proceeds in US treasury bills, allowing for the current US budget deficit.
But this balance may become unsettled after a fourth major oil market opens this month, trading in Euros: the Iranian Oil Bourse (IOB).
Unlike other bourses, the IOB relies on a peer-to-peer trading model, using the Internet. IOB has been in the works for several years and encountered many hurdles on the way, the last of which are severed underwater internet cables creating an Internet outage throughout the Middle East days before the IOB's opening and prompting conspiracy theories. In recent years the US has outfitted some of its submarines with the capability to splice optical fiber underwater so these theories may not be far-fetched.
Having the world's second largest oil reserves of 136 gigabarrels, Iran will likely extend its influence on financial markets when the IOB opens. Although under-reported by the media, this historical shift and its consequences should be watched closely.
Source: Crude Oil Price Forecast
The Iranian Oil Bourse establishing Euro-based pricing of oil is set to open on February 19th 2008 and could have devastating effects on the US dollar.
Currently all three major oil markets (WTI, NYMEX, IPE) trade barrels of oil in US dollars. Consequently any country buying oil needs dollars to pay for it. This enables the US Federal Reserve to issue huge volumes of dollars to meet increasing demand for oil. In return oil producing nations invest dollar proceeds in US treasury bills, allowing for the current US budget deficit.
But this balance may become unsettled after a fourth major oil market opens this month, trading in Euros: the Iranian Oil Bourse (IOB).
Unlike other bourses, the IOB relies on a peer-to-peer trading model, using the Internet. IOB has been in the works for several years and encountered many hurdles on the way, the last of which are severed underwater internet cables creating an Internet outage throughout the Middle East days before the IOB's opening and prompting conspiracy theories. In recent years the US has outfitted some of its submarines with the capability to splice optical fiber underwater so these theories may not be far-fetched.
Having the world's second largest oil reserves of 136 gigabarrels, Iran will likely extend its influence on financial markets when the IOB opens. Although under-reported by the media, this historical shift and its consequences should be watched closely.
Source: Crude Oil Price Forecast
fibonelli
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Lion,
I think these are sub-categories, not sub-headings.
Asia Times online produces probably the best political/economic analyses I have read anywhere, close to Morgan Stanley - Morgan Stanley - Global Economic Forum
One of AT's writers, M K Bhadrakumar, is, in my view, probably the best writer in the English language (ironically). His prose is exceptional, the content erudite. Eg:
Asia Times Online :: Middle East News, Iraq, Iran current affairs
Grant.
I think these are sub-categories, not sub-headings.
Asia Times online produces probably the best political/economic analyses I have read anywhere, close to Morgan Stanley - Morgan Stanley - Global Economic Forum
One of AT's writers, M K Bhadrakumar, is, in my view, probably the best writer in the English language (ironically). His prose is exceptional, the content erudite. Eg:
Asia Times Online :: Middle East News, Iraq, Iran current affairs
Grant.
Atilla
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Most people though still haven't got a clue about these strong factors and forces at work.
Even experienced traders on this site doubt these news stories.
US interests are always covered in the flag of protecting democracy and freedom and most buy the story.
I fail to understand your point too.
It's like there you go we have proved we have democracy and freedom you have spoken now run along and play whilst we continue to maintain our interests by screwing anyone who opposes our interests right or wrong.
State of Denial... Literally !
TEHRAN (Thomson Financial) - Iran, OPEC's number two crude oil producer, on Sunday inaugurated its first bourse for oil products and petrochemicals, in a bid to become a major player in the global downstream industry. Iran hopes that its oil goods bourse can lead the way for a domestic downstream industry to match its upstream crude oil production, the country's main foreign currency revenue winner. 'We have been a good seller (of crude oil) and now we have a higher objective to have a share in the oil trade,' Oil Minister Gholam Hossein Nozari told reporters. Iran claims to rank second in the region after Saudi Arabia in terms of
production of petrochemicals at 22 million tons a year. But it has failed to gain a significant share in the world export market because of state control of its petrochemical industry and state subsidies. 'The objective is to make transactions (of oil products) transparent, create competition and motives for investment,' the oil minister added. 'And so that we can reach out to international markets as a big oil producer as well as an oil trader,' he added. Iran plans to open a market for trading crude oil as part of the second phase of the nascent bourse at an unspecified future date. 'The first phase should operate for a while and we should find out its
strong and weak points in order to open the second phase. Because the second phase is more complicated,' Nozari said. The idea of establishing a market for oil and its by-products was first mooted a decade ago, and practical steps to prepare its creation were first taken in 2001. But its opening has lagged over administrative procedures and long-delayed moves to liberalise the price of petrochemicals which have been under the
government's control. The opening ceremony was held in Tehran via a video conference to the
southern island of Kish where the new bourse is based.
Grant.
production of petrochemicals at 22 million tons a year. But it has failed to gain a significant share in the world export market because of state control of its petrochemical industry and state subsidies. 'The objective is to make transactions (of oil products) transparent, create competition and motives for investment,' the oil minister added. 'And so that we can reach out to international markets as a big oil producer as well as an oil trader,' he added. Iran plans to open a market for trading crude oil as part of the second phase of the nascent bourse at an unspecified future date. 'The first phase should operate for a while and we should find out its
strong and weak points in order to open the second phase. Because the second phase is more complicated,' Nozari said. The idea of establishing a market for oil and its by-products was first mooted a decade ago, and practical steps to prepare its creation were first taken in 2001. But its opening has lagged over administrative procedures and long-delayed moves to liberalise the price of petrochemicals which have been under the
government's control. The opening ceremony was held in Tehran via a video conference to the
southern island of Kish where the new bourse is based.
Grant.
