Iranian Oil Bourse

Iran is planning to open a commodity exchange, under names variously referred to in English as Iran Petroleum Exchange, International Oil Bourse or Iranian Oil Bourse, for the express purpose of trading oil, petrochemicals and gasoline in various non-dollar currencies, including euros. The opening date was initially planned for March 20, 2006. If successful, this would establish a euro based pricing mechanism for oil trading, or 'oil marker' as it is called by traders.

The acronym IOB has been used as it can be interpreted as either International Oil Bourse or Iranian Oil Bourse, but has no official status.

Background

In 2003, Iran started trading with its European and Asian partners using the euro.

The three current oil markers (pricing mechanism for oil) are US dollar denominated, which include the West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYME) in New York City and the International Petroleum Exchange (IPE) in London.

The Iranian Oil Bourse would establish a fourth 'oil marker', denominated by the euro.

Planning

The Iranian Oil Bourse was reported in the media to have a planned opening date of March 20, 2006 Template:ref label, at the Iranian New Year, Nauroz. The geographical location is expected to be the island of Kish Template:ref label.

According to an April 2005 report, the Tehran Stock Exchange (TSE), the Wimpole Consortium and a private staff fund for retired petroleum workers will together form the consortium developing the Iran Petroleum ExchangeTemplate:ref label. In January 2006, Chris Cook of the Wimpole Consortium referred to delays in the process due to the election to the presidency of Mahmoud Ahmadinejad and subsequent difficulty of appointing a new oil minister acceptable both to the president and parliamentTemplate:ref label.

Delayed opening

Due to "technical glitches", according to the Ministry of Petroleum, the launch was postponed, with no new date set. Template:ref label

See also

• Petroeuro
• Petrodollar

Citations

1. Template:note label The Iranian line in the sand, Dan Crawford, The Republic (Vancouver), August 18 to 31, 2005
2. Template:note label Kish Oil Exchange Planned, Iran Daily, January 24, 2006
3. Template:note label A star rises in the east, Stella Farrington, April 2005
4. Template:note label Speaking freely: What the Iran 'nuclear issue' is really about, Chris Cook, January 21, 2006, Asia Times/energybulletin.net
5. Template:note label A frenzied Persian new year, March 22, 2006, Asia Times

External links

• Iran takes on west's control of oil trading, The Guardian
• The Real Reasons Why Iran is the Next Target: The Emerging Euro-denominated International Oil Marker
• Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse
• The Proposed Iranian Oil Bourse
• Trading oil in euros – does it matter?
• Will the Iranian Oil Bourse Threaten the Dollar?
• Petrodollars and Nuclear Weapons Proliferation: Understanding the Planned Assault on Iran, Centre for Research on Globalization, February 10, 2006
• The Iranian line in the sand
• Petrodollar or Petroeuro? A new source of global conflict
• The Iranian Threat: The Bomb or the Euro?
• U.S. Dollar vs. the Euro: Another Reason for the Invasion of Iraq
• The Real Reasons Why Iran is the Next Target
• Will Iran’s oil kill the U.S. dollar?
• Strange ideas about the Iranian oil bourse (a counterpoint with countercounterpoints in comments...)
• Why Iran's Oil Bourse can't break the Buck

This article contains content from Wikipedia. Current versions of the GNU FDL article Iranian Oil Bourse on WP may contain information useful to the improvement of this article

WP