Joined: May 27, 2007 Posts: 1203 Location: The Post Peak Oil Historian
Posted: Sun Feb 17, 2008 3:21 pm Post subject: Iran opens Oil Bourse
A statement posted on the ministry's Web site said 100 tons of polyethylene consignment was traded at the market's opening on the island, which houses the offices of about 100 Iranian and foreign oil companies.
Oil and petrochemical products will be traded in Iranian Rials, as well as all other hard currencies, the statement quoted Iranian Oil Minister Gholam Hossein Nozari as saying. About 20 brokers are already active in the market, it said.
Iran has already registered for another oil bourse, in which it has said it hopes to trade oil in Euros instead of dollars, to reduce any American influence over the Islamic Republic's economy.
A bourse official, Mahdi Karbasian, told the IRNA official news agency that such an oil market would begin operating within the next year.
The newly-inaugurated oil stock exchange is part of a two-phase project approved by Iranian cabinet.
Based on the approval, products of Iran's Oil Ministry should be traded through stock market in two forms which are the crude oil stock market and the oil and petrochemical products stock market.
Joined: May 27, 2007 Posts: 1203 Location: The Post Peak Oil Historian
Posted: Sun Feb 17, 2008 5:50 pm Post subject: Re: Iran opens Oil Bourse
Bull Crap. The Oil Bourse opened despite US attempts to to prevent it. Or do you propose that an 'abandoned anchor' or 'voracious sharks' cut 5 cables over several days leaving ONLY Iran will total internet blackout. _________________ In a time of deceit, telling the truth is a revolutionary act.
- George Orwell
Posted: Sun Feb 17, 2008 10:06 pm Post subject: Re: Iran opens Oil Bourse
don't know much about bourses, but 100 tons of whatever for the opening day doesn't seem to me very much.
Is this the oil bourse they always wanted to open?
Joined: May 27, 2007 Posts: 1203 Location: The Post Peak Oil Historian
Posted: Mon Feb 18, 2008 1:43 am Post subject: Re: Iran opens Oil Bourse
That was the first trade to commemorate the opening. This is the petroleum products bourse which opened first. the oil bourse itself will open later this year. The internet is still down. _________________ In a time of deceit, telling the truth is a revolutionary act.
- George Orwell
Posted: Mon Feb 18, 2008 4:53 am Post subject: Re: Iran opens Oil Bourse
OK, because tehre were nothing in Reuters, nothing in Spiegel I thought, maybe it's nothing of importance or they don't want to cook it too hot which maybe would not be wisely.
Joined: Aug 03, 2007 Posts: 3147 Location: Boston Suburbs
Posted: Mon Feb 18, 2008 7:22 am Post subject: Re: Iran opens Oil Bourse
Cid_Yama wrote:
Bull Crap. The Oil Bourse opened despite US attempts to to prevent it. Or do you propose that an 'abandoned anchor' or 'voracious sharks' cut 5 cables over several days leaving ONLY Iran will total internet blackout.
If the US really cutting the cables, why did they allow the cables to be repaired when they could just keep snipping them? How hard would that be? You just have to keep retconning the conspiracy to match the facts on the ground, kind of like Richard Hoagland and the face on mars.
Posted: Tue Feb 19, 2008 7:27 am Post subject: Re: Iran opens Oil Bourse
that would be too plump. cutting cables is not a real thread it is maybe more a severe warning,
An explanation of the silence of the international news on the opening of the oil bourse could be the fact that everyone knows that this is a very dangerous step, not only for Iran. They maybe want to downplay the event in order not to put fuel in the fire.
In spite it is their natural right trading their assets in whatever currency they like, it would be certainly better for them and for the whole world to delay the opening of the bourse and later bury the idea silently.
The risk is simply too big for all of us. In the same time they could increase (if such is possible) little by little the payments in other currency than the dollar. They would live in peace, and in the end the result would be the same, a bit of a softer landing for the US and ,yes Iran would not have won a economic and symbolic battle over the US, but still would have an intact country.
Joined: Sep 29, 2004 Posts: 2330 Location: Pennsylvania, USA
Posted: Tue Feb 19, 2008 10:07 am Post subject: Re: Iran opens Oil Bourse
It’s an interesting experiment based on the fact that oil is becoming scarce. When you hold something of extreme value, there is no need for brokers and huge discount marketplaces, just auction it off out of your garage; highest bidder wins.
If this paradigm goes forward and other oil producers follow suit with their own private bourses, I think we will see the return of a gold standard in international trade. After all, you really need some reference point to base your spot prices on and if you have an every man for himself global economy, fiat currencies are way to volatile to depend on. Historically, gold has been the unit of measurement in the international economy.
Price determination is an impossibly complex, chicken and egg thing without some bedrock asset used as a reference. Otherwise you have complete mayhem. One day it's dollars, another it's euros, then grain, then weapons, narcotics, family heirlooms; the list goes on and on. Buyers will offer up anything when there is no reference standard currency. I could see the US auctioning off its weapons stock to oil producers in such a world. Imagine the Middle East being flooded with weapons of mass destruction in exchange for oil? In a very short amount of time, there wouldn't be much of a Middle East left.
When I think about the possibilities, I'm reminded of the old adage of redistributing the world’s wealth equally and having it back in the same old hands just two years later.
Going back to a gold standard is a big problem because your customers don't have enough of it, which effectively shrinks your market (although that might not be seen as a bad thing in an oil exporting country, what do they care, they’re accumulating gold!) I just can’t see currency competition for resources working. It will start with two currencies, then four, then eight; you get the picture. History has shown us that internationally, only one currency works and that currency has historically been gold. The only alternative to gold is a currency backed by law and enforcement; examples are the dollar and the pound sterling. The euro could be such a currency, but the way I see it, the EU is big on international law, but short on international enforcement. I can’t really see the US sending troops anywhere to defend the euro. _________________ "That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money
Joined: Aug 03, 2007 Posts: 3147 Location: Boston Suburbs
Posted: Tue Feb 19, 2008 1:21 pm Post subject: Re: Iran opens Oil Bourse
alokin wrote:
In spite it is their natural right trading their assets in whatever currency they like
Exactly. That is the definition of the free market. If the dollar collapses to nothing because it's been propped up by oil bourses, then it's our own damn fault for having such a fragile monetary system.
Posted: Fri Feb 22, 2008 12:16 am Post subject: Re: Iran opens Oil Bourse
mos6507 wrote:
Kind of takes the wind out of the sales of "hey look, the intentional cable cutting has stopped the oil bourse!" kick.
Time to move along to the next tinfoil hat topic.
Iran can always route its Internet traffic through Russia, thwarting US efforts to cut Iran off.
The cut cables seemed to affect the Internet traffic of US allies and business associates rather then the intended target of Iran. Every attempt the US makes to try to interfere with the euros rise only makes the dollar decrease more in value and the euro go up.
Posted: Fri Feb 22, 2008 12:29 am Post subject: Re: Iran opens Oil Bourse
Cid_Yama wrote:
Bull Crap. The Oil Bourse opened despite US attempts to to prevent it. Or do you propose that an 'abandoned anchor' or 'voracious sharks' cut 5 cables over several days leaving ONLY Iran will total internet blackout.
Iran NEVER lost Internet service. Many of America's allies did.
From the links:
Apparently there was some slowdown of the Iranian Internet, but that the companies running the Internet soon arranged to reroute their signals via Turkey to avoid the break.
That’s why I had figured. Tehran is quite near to Turkey, so would have other lines of cable that didn’t rely on underseas cable. This caused some slowdowns, but the “complete” Internet outage claimed by some websites was not true.
Egypt lost 70% of its Internet connectivity immediately. More than half of western India's outbound capacity crashed, messing up the country's outsourcing industry. Over the next few days, as cable operators sought new routes, 75m people from Algeria to Bangladesh saw Internet links disrupted or cut off.
If cutting cables as a means to cut off Iran is an example of American ingenuity it seems American ingenuity is seriously lacking. George Bush would be better off contacting some Hollywood movie script writers. At least in their story lines, the US side always gets it right.
Posted: Fri Feb 22, 2008 12:36 am Post subject: Re: Iran opens Oil Bourse
mos6507 wrote:
Cid_Yama wrote:
Bull Crap. The Oil Bourse opened despite US attempts to to prevent it. Or do you propose that an 'abandoned anchor' or 'voracious sharks' cut 5 cables over several days leaving ONLY Iran will total internet blackout.
If the US really cutting the cables, why did they allow the cables to be repaired when they could just keep snipping them? How hard would that be? You just have to keep retconning the conspiracy to match the facts on the ground, kind of like Richard Hoagland and the face on mars.
Because the cables they did cut had the wrong effect. It hurt America's business partners and what little it did to Iran, Iran was able to route its Internet connections through Turkey and restore full service.
Continuing to cut the cables would only spark the ire of America's allies who are few these days.
Posted: Fri Feb 22, 2008 12:45 am Post subject: Re: Iran opens Oil Bourse
alokin wrote:
that would be too plump. cutting cables is not a real thread it is maybe more a severe warning,
An explanation of the silence of the international news on the opening of the oil bourse could be the fact that everyone knows that this is a very dangerous step, not only for Iran. They maybe want to downplay the event in order not to put fuel in the fire.
In spite it is their natural right trading their assets in whatever currency they like, it would be certainly better for them and for the whole world to delay the opening of the bourse and later bury the idea silently.
The risk is simply too big for all of us. In the same time they could increase (if such is possible) little by little the payments in other currency than the dollar. They would live in peace, and in the end the result would be the same, a bit of a softer landing for the US and ,yes Iran would not have won a economic and symbolic battle over the US, but still would have an intact country.
The media makes a lot of money propagating the nuclear weapons production. I guess a story about the evil oil bourse trading in currencies other then dollars doesn't strike the same fear in people as a story on nuclear weapons being built by an access of evil country.
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I need to make some money to invest in Iranian Rials 
