Iran to open oil bourse??

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On Our Own's picture
On Our Own
Status: Bronze Member (Offline)
Joined: Dec 28 2009
Posts: 72
Iran to open oil bourse??

It was once rumored that part of the US' cause for entering Iraq was to prevent it from de-coupling the sale of oil from the US dollar.  Arguable and conspiracy theory type talk,  but plausible if nothing else.  Now Iran first claims that they wil deliver a blow to the US on Feb 11th.

The best place to find this is on pressTV,  but the link I have keeps failing so I won't add it.

 

Then today:   http://www.presstv.ir/detail.aspx?id=109234&sectionid=351020103

 

Iran says they will open their own "bourse" and the sale will only be in fact,  not futures.  The currency of trade is negotiable.    This could be huge,  this could be nothing.  G7 is meeting in the Arctic?  To discuss greece and ....  who knows.

 

Thoughts?

SteveW's picture
SteveW
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Posts: 490
Re: Iran to open oil bourse??
On Our Own wrote:

G7 is meeting in the Arctic?  To discuss greece and ....  who knows.

Thoughts?

No, they're meeting in Iqaluit, Nanuvut which is between 2 and 3 degrees South of the Artic circle where today its a balmy 10 F. I saw Alistair Darling, UK Chancellor of the Exchequer, interviewed today and he stressed the need to implemented global bank reform quickly and not delay 2 or 3 years. His point was that assets should be commensurate with risk and did not apparently favour the Volcker rule. Canada favours regulation that is enforced.

No doubt PIIGS will be discussed. Word is that there are massive Euro transfers from Greek and Spanish banks, moving North, as a hedge against reinstating drachmas and pesetas. Today's low in gold seems to have already been made at around $1045, just under the Bank of India $1050 floor.

 

Baywork's picture
Baywork
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Re: Iran to open oil bourse??
On Our Own wrote:

This could be huge,  this could be nothing...

Thoughts?

Correct. Basically Iran is surrounded by countries under control of the U.S. armed forces. Iran shouldn’t knock down the Petrodollar domino…

Well, during her last week’s visit in Europe, Hilarious Clinton painted the town red. Chances are high that her threatening request against China, Russia and France are a confirmation of the rumors about undisclosed proceedings of Russia, China, France and the Gulf States regarding the Petrodollar replacement. This in fact could be huge and it stands to reason.

On Our Own's picture
On Our Own
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Re: Iran to open oil bourse??

This could actually be good for some oil companies, especially refiners since the wall streeters have so torqued that market that some of them are taking a bath.  I wonder to what degree they would support it.....

Multi-nationals have no fealty to any nation or government.......  They would not necessarily care about the long term impact of this quarter's profit.

V's picture
V
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Joined: Dec 14 2009
Posts: 849
Re: Iran to open oil bourse??

The information I have is that the Bourse is in operation. The first trade took place on Feb.17 2008.

They are not yet trading oil. They  are trading petro feedstock for the plastics industry.

An interesting thing happened on that date that was very coincidental. Some cables in either the Persian Gulf 

or Arabian Sea were severed. I was in India at the time and there was no internet. Warning shot??

I seem to recall that the NYMEX & IPE the bourses where oil is traded are owned by a U.S based consortium.

I believe the principle owners include JP Morgan & BP i can't find the info at the moment but with the billions traded daily

a competitor would certainly hurt profits for some pretty influential folks.

V

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