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Iran to stop selling Oil in US Dollar

Ironslave

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Iran Opens Its 1st Oil Products Bourse

TEHRAN, Iran (AP) — 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 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.

A bourse official, Mahdi Karbasian, told the IRNA official news agency that such an oil market would begin operating within the next year.

While most oil markets are traded in U.S. dollars, Iran first floated the idea of trading oil in Euros in the early 2000s during the tenure of reformist president Mohammad Khatami. It gained new life after the nationalist Mahmoud Ahmadinejad was elected in 2005.

As the fourth-largest oil producer in the world, Iran has a measure of influence over international oil markets. The country ranks second for output among OPEC Countries, and controls about 5 percent of the global oil supply.

Tehran also partially controls the Persian Gulf's Strait of Hormuz, through which much of the world's oil supply must pass.

Iran has sought to wield its oil resources as a bargaining tool in its ongoing standoff with the West over its nuclear program.

The U.N. Security Council is considering imposing a third set of sanctions on Iran for defying a request to halt uranium enrichment. But Tehran has expressed doubt that the world body would impose sanctions on the country's oil sector, because such a move would likely drive global oil prices higher.
 

Braaq

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Hmmm... I wonder if this means we are going to go to war with them. I am sure it is what Bush and the rest of Washington (other than Ron Paul and Kucinich) want as well. :no:
Its going to be scary to see how badly all this and a possible war will effect the economy. McCain now has something he can use to attack them other than their nuclear ambitions and financing insurgents in Iraq.
 

Ironslave

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Its pretty well guaranteed that war with them will happen if this becomes a high probability.
 

Flex

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Yep, this will cause the war. This was part of the reason behind attacking Iraq, so looks like we'll be bombing Iran very soon.
 

pegasus

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correct me if i'm wrong, but if i remember correctly venezuela has also said that they'd want to be selling their oil in the market that iran has started, and not to trade with american dollars any more.
 

onebigeric

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Oh, hell. Economic intimidation paired with an idiotic and warmongering administration virtually ensures that a war will come of this. Everyone who votes for McCain better have a smile on their face when the draft cards start being issued.
 

Flex

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Oh, hell. Economic intimidation paired with an idiotic and warmongering administration virtually ensures that a war will come of this. Everyone who votes for McCain better have a smile on their face when the draft cards start being issued.
Don't look at me, I voted for Paul.

:tiphat:
 

Napol3onator

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not to be all political or "wannabe", but people who are going to vote for obama are FUCKING stupid. He was voted teh most liberal of the dem's, and actually is against the war; also he wants to stop us getting oil from Iran(fucking wraghead)
 

pegasus

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not to be all political or "wannabe", but people who are going to vote for obama are FUCKING stupid. He was voted teh most liberal of the dem's, and actually is against the war; also he wants to stop us getting oil from Iran(fucking wraghead)

:hhj:

what good did the war do? why should he be for it?
 

alex

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not to be all political or "wannabe", but people who are going to vote for obama are FUCKING stupid. He was voted teh most liberal of the dem's, and actually is against the war; also he wants to stop us getting oil from Iran(fucking wraghead)

:uhoh2:
 

Ironslave

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not to be all political or "wannabe", but people who are going to vote for obama are FUCKING stupid.

agreed

He was voted teh most liberal of the dem's

agreed

actually is against the war

He sort of is, he did speak opposed to it, but hes voted to continue funding it. Anyways, being against the war is a good thing.

also he wants to stop us getting oil from Iran(fucking wraghead)

There's a difference between getting oil from Iran, and bombing the shit out of the country and overthrowing the government and putting up a new one, in order to steal and get very cheap oil.
 

onebigeric

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Don't look at me, I voted for Paul.

:tiphat:

:2:
I find it extremely sad that we're such a minority. People are now continually pissing and moaning concerning the fact that, "the delegates aren't speaking about what we care about: the dollar, immigration, and taxes."

Freaking A:rolleyes: People this clueless need to be deported and denied entry back into our nation, as apathetic and uneducated masses like these will spell the doom of our nation much quicker than any imaginary and insipid 'axis of evil'...(which I thought was incredibly stupid, even in the fervor of post 9/11 America)
 

Braaq

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No other country can take Iran place when it comes to Oil. :ughnoes:

Saudi Arabia :e5dunno:, and we need to get Iraq's ass back in gear and have them start mass shipping us oil since we are giving them a country :angrydude:
 
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