Iran denies reports on euro-based oil bourse

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Iran denies reports on euro-based oil bourse

Postby darkbeforedawn » Wed Mar 22, 2006 8:12 pm

Iran denies reports it will open euro oil exchange<br><br><br> <br>March 22, 2006 <br>GlobalResearch.ca <br><br><br> Email this article to a friend<br> Print this article <br><br><br>TEHRAN, March 20 (RIA Novosti) - Iran denied Monday media reports that it was to open a euro-based oil exchange. <br><br>"We have no information on opening an oil exchange in the free economic zone on Kish Island [southern Iran]," a spokesman for the Iranian Oil Ministry told RIA Novosti. <br><br>He said the ministry would have had been informed if the exchange had opened. <br><br>The spokesman said the exact date of the oil exchange opening on Kish Island was still unknown. <br><br>Some media reported Monday that oil would be traded exclusively in the European currency at the Iranian exchange. <br><br>Experts said the transition to euro from dollar in payments for oil could cause a default of the U.S. currency. All oil deals are currently made in dollars, allowing Washington to maintain permanent demand for the national currency. <br> <br> <p></p><i></i>
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another article from pravda

Postby darkbeforedawn » Thu Mar 23, 2006 12:14 pm

<br>23 March 2006 Vladimir Putin says pipeline carrying Siberian oil could be built through China en rus pt <br> <br> <!--EZCODE AUTOLINK START--><a href="http://english.pravda.ru/world/asia/77628-0/">english.pravda.ru/world/asia/77628-0/</a><!--EZCODE AUTOLINK END--> <br> <br>Article <br>Iran poses threat to dominance of the US dollar <br>Front page / World / Asia <br>21.03.2006 Source: <br> <br> <br>Pages: 12 <br> <br>This week in the world of economics began with the opening of the international oil exchange in Iran. The intrigue of the situation is accentuated by the fact that trading will take place in the European currency. This in itself is setting a precedent: in modern history oil has been quoted exclusively in dollars. <br><br> <br> <br>Iran produces 4% of the world's oil <br> <br> <br> BREAKING NEWS <br> <br> Russia and China develop closer ties to oppose USA's supremacy <br> <br> <br> Alexander Lukashenko to be the President of Belarus forever <br> <br> <br> Slobodan Milosevic found dead in his prison cell <br> <br> <br> <br> <br>Lindsay Lohan: An icon for teenagers <br>More... <br> <br> <br>Alarmists and antiglobalists from all countries have rushed to describe this as yet another sentence against the hegemony of the dollar and the USA. It can not be ruled out that this idea is what is motivating the Iranian authorities. At the height of tension in relations between the USA and Iran the latter’s move looks like a blow to the economic power of its enemy. <br><br>This cannot be deemed a weak blow – Iran has a share of at least 4% of worldwide oil production. Moreover, it has been declared that the format of the exchange will meet international norms: the question now is: which other of the Persian Gulf states will support Iran? <br><br>“The situation there will depend on the extent to which other countries and regions will want to convert from the dollar to the euro,” the analyst of IK ‘FINAM” Olga Belenkaya told Pravda.Ru. “It is not a fact that Saudi Arabia will want to convert to the euro. If this is just something inside Iran, which will be selling oil in euros, then it is not very dangerous, because all the same its share in oil production is not that great.” <br><br>Analysts are for the moment being cautious in their predictions – everyone is advising to wait and see how this week at least will turn out. The dollar has slipped somewhat in world markets, but experts tend to think that this small fall was caused by the events of last week. <br><br>In order to contemplate the consequences of the opening of the euro oil market in Iran, it is necessary to look at its origins. However surprising this may be, the man behind the idea is the British financier Chris Cook, former director of the International Petroleum Exchange in London. In 2001 he wrote a letter to the head of the Iranian Central Bank Mohsen Nourbakhsh. <br><br>The letter said that the structure of the international oil markets is closely linked to trade brokers, and especially to investment banks, which has a disadvantageous effect on states such as Iran, which are both producers and consumers at the same time. Chris Cook advised Iran to make a decision as soon as possible about creating a Middle East exchange for energy resources which would set a new standard for oil prices in the Persian Gulf . <br> <br> <br>Pages: 12 <br> <br> print version e-mail <br> <br><br><br> <br> <br> NEWS OF THE WEEK <br> <br> Russia does its best to help the world solve Iran's nuclear program <br> <br> <br> Academy Awards bring yet another surprise to the public <br> <br> <br> The battle of the dollar and the euro enters its final stage <br> <br><br><br>FUN STORIES : <br> • Colin Farrell entertains Salma Hayek with striptease on the beach<br>• This is a must list for everyone having sex<br>• Women ready for everything to have unrestricted access to men's flesh<br>• Pick-up is a sport for men who want to set their own sex records<br>• Masturbation is never a replacement for the real thing <br> <br><br><br> Readers' Top <br> <br>Whipping therapy cures depression and suicide crises <br> <br> <br>The United States of Torture <br> <br> <br>A beheaded body can take 32 steps <br> <br> <br> <br> All news About Pravda.Ru Site map Export news STATISTICS <br>© 1999-2006. «PRAVDA.Ru». When reproducing our materials in whole or in part, hyperlink to PRAVDA.Ru should be made. The opinions and views of the authors do not always coincide with the point of view of PRAVDA.Ru's editors.. <br><br> <br> <p></p><i></i>
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