| | Peak Oil News & Message Boards Forums >> Post 246188 >> Re: The Proposed Iranian Oil Bourse (Site not responding. Last check: 2007-10-31) |
 | | Tehran has expressed interest in converting their oil transactions to the euro, in part due to political blowback created after President Bush named Iran as part of an “Axis of Evil.” Revenue from Iran's daily crude sale is transferred through a series of intermediary banks, mostly European. |
 | | Considering Iran’s switch to the euro for oil payments from its EU and Asian Clearing Union customers in mid-2003, it can be assumed that Iran’s proposed bourse would usher in a fourth crude-oil marker — denominated in the euro.67 This would remove the main technical obstacle to a broad-based petroeuro system for international oil trades. |
 | | The oil exchange in Dubai, which recently opened, chose to denominate this particular contract in dollars and also their stock exchange hopes to recycle these dollars into local/regional investment versus parking it in US treasury bills. |
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