Iran may Sell Oil in Rubles on New Bourse

[vhowell]

Iran May Sell Oil in Rubles to Break `Dollar Slavery'

By Lucian Kim

Feb. 15 (Bloomberg) -- Iran, the world's fourth-largest oil producer, may use the Russian ruble in trading on its new oil exchange, the country's ambassador to Moscow said.

``Big energy producers like Iran and Russia should try to free the world of dollar slavery,'' Ambassador Gholamreza Ansari said on Moscow's Ekho Moskvy radio station today.

The two nations already cooperate in nuclear energy and may start closer coordination of natural-gas production. Russia holds the world's largest gas reserves, followed by Iran, and together they produce of almost a fifth of the world's oil. The two share the goal of finding alternatives to a weakened U.S. dollar.

Iran plans to trade oil in more currencies than in its own rial to offer diversity, the ambassador said. The exchange will open Feb. 17, the country's official IRNA news service said this week. Iran has planned to open the exchange since 2005.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abC.2tT9Nphg

[DavidNR]

I have to laugh. hahahahaha!

Sure they'll trade in rubles.

[Nova]

I don't know whether it will be rubles or euros or dinas. But simple mathmatics says they don't want to keep using dollars. Since the value of dollars is dropping against other currencies.

[Waiting2go]

Well, I don't know if it is related or not. But, gas prices have jumped 20 cents in the past 2 days where I live. I haven't heard of anything that have supposedly caused gas to start jumping up again. It was going down in my area.

[HisAlways]

Well, I don't know if it is related or not. But, gas prices have jumped 20 cents in the past 2 days where I live. I haven't heard of anything that have supposedly caused gas to start jumping up again. It was going down in my area.

That's probably from Hugo Chavez flapping his jaws lately. He and Exxon are in a battle now. Every time Hugo or Mahmoud open their mouths, our prices jump. How's that for raping the US?

We do not buy oil from Iran, that I know of. If we do.....we SURE SHOULDN'T.

[medbiller777]

Iran established its first oil products bourse Sunday in a free trade zone on the Persian Gulf Island of Kish, the country's oil ministry said.

A statement posted on the ministry's Web site said 100 tons (Advertisement)

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.

'The bourse provides an economic opportunity for Iranians, other countries and foreign customers,' Nozari was quoted as saying.

Iran produces more than 20 million tons of petrochemical products per year.

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


http://uk.biz.yahoo.com/17022008/323/iran-opens-its-1st-oil-products-bourse.html

[John730]

We do not buy oil from Iran, that I know of. If we do.....we SURE SHOULDN'T.

Here's a good source about where we get our oil imports. Iran isn't listed. But this only accounts for 73% of supply. So who knows where the other 27%comes from.

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html