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March 3rd 2006

Iran Oil Bourse to open in March

Later this month, Iran will inaugurate its much-anticipated oil bourse, whereby it will begin accepting payment for its oil in Euros, instead of in USD. Many analysts are already predicting that the bourse will mark the beginning of the end of the Dollar’s status as the world’s reserve currency. If other oil exporting nations follow the example of Iran, the demand for USD to settle oil purchases will decline. The central banks of these countries could conceivably begin to hold Euros instead of dollars in their foreign exchange reserves, which would deal a major blow to the dollar. FXStreet reports:

[Iran] has declared war on the U.S. Dollar’s world reserve status. That starts on March 20th, 2006 with their new Petro-euro oil bourse. The Fed will stop revealing M-3 on March 23rd, 2006. Coincidence?

Read More: Is the Federal Reserve Preparing for Iran?

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Posted by Adam Kritzer | in Central Banks, Euro, Investing & Trading | 6 Comments »

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6 Comments of “Iran Oil Bourse to open in March”

  1. Henry DB Says:

    Interesting.
    I have read earlier reports about Iran’s intentions to sell oil in euro.
    Is this real or a hoax ?
    Neither the WSJ nor the FT do seem to have written on this. ( I have done some research but could not find any article on this.)
    Anybody has a serious source to confirm this rumour?
    Thank you & regards

  2. chris Says:

    Presented by Ron Paul 15 Feb 2006 Before the U.S. House of Representatives.
    http://www.energybulletin.net/12987.html
    Published on 30 Jan 2006 by Energy Bulletin
    http://www.energybulletin.net/12463.html
    Published on 3 Aug 2005 by Media Monitors Network
    http://www.energybulletin.net/7707.html

  3. Judann Says:

    You can find lots of articles. Type into your search bar: Iran Euro bourse.

  4. Simon Says:

    Where is this oil bourse. I thought 20 Mar was the start date. No mention in the BBC!

  5. Tracy Says:

    Iran’s Letter to Bush
    The White House recently reported that it was not aware of any letter that was sent from the president of Iran, Mahmoud Ahmadinejad.
    Tony Blair stated that ruling out an invasion of Iran and declaring a nuclear strike is weird. He said that Iran is a strong country but that would not lead the U.S. Intelligence to rule out an invasion. Iran’s chief nuclear negotiator Ali Larijani warned the West his country would not prove a pushover like Iraq.
    Whenever the White House is asked whether the United States is planning on a tactical nuclear strike on Iran, Bush would always reply that all options are on the table.

  6. Dave Says:

    I think the Euro will fall more in near future.
    The S&P downgrade yesterday for several European countries is just the beginning

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