another threat to US Petrodollar Hegemony. I believe Iraq had started trading oil in Euros prior to the most recent US invasion. If the Iranian Oil Bourse gets off the ground, it should accelerate the dollars demise more rapidly than most here can imagine.
By Toni Straka (Toni Straka is a Vienna, Austria-based independent financial analyst and portfolio manager, who worked as a financial journalist for over 15 years and now evaluates global market trends. He runs a blog, The Prudent Investor, where this piece first appeared.)
Could the proposed Iranian oil bourse (IOB) become the catalyst for a significant blow to the influential position the US dollar enjoys? Manifold supply fears have driven the price of crude oil to its recent high of US$67.10 - only a notch below its highest price in inflation-adjusted dollar terms. With the world facing a daily bill of roughly $5.5 billion for crude oil at current price levels, it becomes apparent that sellers and purchasers of the black gold are looking into all ways that could lead to a financial improvement on their respective sides.
Greetings googleroid...you are most welcome sir and glad to be part of your group....you are IMHO more right than you know on Iran energy..they have contracted with China among others which makes sanctions moot...have pounded the table for about 7-8 years now on Abu Musa island which hope all will look up and discover exactly what the Chinese and Iranians have been up to nuclear and missle wise as the island is strategically parked in the Gulf of Hormuz mouth....in the meantime Euro supremacy was the real reason IMHO that the European gang went over to talk to the Iranians about their "nuclear program"....a tit for tat which fell flat and expect the Chinese offer was better now that the Yuan has revalued....such interesting times we live in.... regards, groucho