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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...

Why Iran's oil bourse can't break the buck By F William Engdahl A number of writings have recently appeared with the thesis that the announced plans of the Iranian government to institute a Tehran oil bourse, perhaps as early as this month, is the real hidden reason behind the evident march to war on Iran by the Anglo-American powers. The thesis is simply wrong for many reasons, not least that war on Iran has been in planning since the 1990s as an integral part of the United States' Greater Middle East strategy. More significant, the oil-bourse argument is a red...

TEHRAN, June 5 (UPI) -- The Iranian Oil Bourse is in its final stages, Iran's Fars news agency reported Monday. According to the Fars report, the board of directors of the International Bourse Co., which is charged with establishing the bourse, will review the final draft of the articles of association of the Iranian bourse this week. The International Bourse Co. was registered last month, with an initial capital of $2,000, and is charged with setting up the Iranian Oil Bourse on Kish Island. The IBC is owned by the National Iranian Oil Co., which has an 80 percent stake,...

TEHRAN, May 15 (UPI) -- Iranian President Mahmoud Ahmadinejad announced Friday that in July Iran will abandon dollar payments for its oil and natural gas exports in favor of euros. The move comes amid a standoff between Tehran and Washington over Iran's nuclear fuel enrichment program. The Bush administration insists the program is cover for a nuclear weapons program, a charge that Iran denies. All current international oil transactions on the New York Mercantile Exchange and London's International Petroleum Exchange are priced in dollars. Middleeastforex.com reported May 13 that Ahmadinejad announced the change Friday during a visit to Baku, Azerbaijan....

Mar 29, 2006 By Milton Ezrati, CSM Tehran lacks the freedom and transparency needed for a successful oil exchange. If, as is widely believed, the original tales of the 1001 Arabian Nights came out of Persia, then Iran, Persia's modern successor, has just given the world yet another great fantasy: the Iranian oil bourse. Surely Tehran lost touch with reality when it developed its plan to use a new, euro-based oil exchange, on Kish Island in the Persian Gulf, to dethrone the greenback from its position as the world's reigning reserve currency. Such a project is neither likely to attract...

Gold closed higher on Thursday despite a CPI report and other data that convinced many inflation is not a problem and the Federal Reserve will stop raising interest rates sooner than later. But gold, which serves as a hedge against inflation, still found cause to rally. First, the dollar took a hit after the CPI. The Fed's 20-month-long campaign to raise rates has provided key support to the greenback. Gold, which is priced in dollars, normally rises when the dollar drops, as it takes less money to buy the same amount of the precious metal. Second, crude oil prices, which...

The Proposed Iranian Oil Bourse Krassimir Petrov, Ph.D.January 15, 2006 Abstract: the proposed Iranian Oil Bourse will accelerate the fall of the American Empire. I. Economics of Empires A nation-state taxes its own citizens, while an empire taxes other nation-states. The history of empires, from Greek and Roman, to Ottoman and British, teaches that the economic foundation of every single empire is the taxation of other nations. The imperial ability to tax has always rested on a better and stronger economy, and as a consequence, a better and stronger military. One part of the subject taxes went to improve the...

I was hoping someone with a firm grasp on economics could help me with a lack of knowledge on the subject of selling oil in dollars to euros. Is this certain to happen and what would the reason be? Any help would be greatly appreciated. Thanks.

A hundred years ago it was called “dollar diplomacy.” After World War II, and especially after the fall of the Soviet Union in 1989, that policy evolved into “dollar hegemony.” But after all these many years of great success, our dollar dominance is coming to an end. It has been said, rightly, that he who holds the gold makes the rules. In earlier times it was readily accepted that fair and honest trade required an exchange for something of real value. First it was simply barter of goods. Then it was discovered that gold held a universal attraction, and was...

Beginning in 2003, Iran began demanding oil payment in euros, not dollars, although the oil itself was still priced in U.S. currency. Now, Iran is seriously considering establishing an Iranian Oil Bourse, with the goal of competing with the New York Mercantile Exchange, NYMEX, and London's International Petroleum Exchange, IPE. Right now, the NYMEX and IPE use three oil "markers" to establish price – West Texas Intermediate crude, Norway Brent crude and the UAE Dubai crude. With the establishment of an Iranian Oil Bourse, Tehran wants to create a fourth oil marker, this one priced in the euro. In 2000,...

Will Iran's 'petroeuro' threat lead to war? -------------------------------------------------------------------------------- Posted: February 3, 2006 11:00 a.m. Eastern © 2006 WorldNetDaily.com Beginning in 2003, Iran began demanding oil payment in euros, not dollars, although the oil itself was still priced in U.S. currency. Now, Iran is seriously considering establishing an Iranian Oil Bourse, with the goal of competing with the New York Mercantile Exchange, NYMEX, and London's International Petroleum Exchange, IPE. Right now, the NYMEX and IPE use three oil "markers" to establish price – West Texas Intermediate crude, Norway Brent crude and the UAE Dubai crude. With the establishment of an Iranian...

TOKYO (Reuters) - The Tokyo Stock Exchange said on Wednesday it would halt all trade at 2:40 p.m. (0540 GMT) as the number of trades was nearing the bourse's system capacity limit.

The Proposed Iranian Oil Bourse By Krassimir Petrov, Ph.D. 20 January, 2006 Gold Eagle I. Economics of Empires A nation-state taxes its own citizens, while an empire taxes other nation-states. The history of empires, from Greek and Roman, to Ottoman and British, teaches that the economic foundation of every single empire is the taxation of other nations. The imperial ability to tax has always rested on a better and stronger economy, and as a consequence, a better and stronger military. One part of the subject taxes went to improve the living standards of the empire; the other part went to...

Abstract The American Empire depends on the U.S. dollar. The proposed Iranian Oil Bourse will accelerate the fall of the U.S. dollar and hence the fall of the American Empire. I. Economics of Empires A nation-state taxes its own citizens, while an empire taxes other nation-states. The history of empires, from Greek and Roman, to Ottoman and British, teaches that the economic foundation of every single empire is the taxation of other nations or of their subjects. The imperial ability to tax has always rested on a better and stronger economy, and as a consequence, a better and stronger military...

WASHINGTON, Jan. 18 (UPI) -- The prospect of a mushroom cloud rising from the Dasht-e-Lut, Iran's Desert of Stones, may not be Tehran's greatest threat to international stability. A successful test of an Iranian nuclear weapon at some point in the next few years may prove less destabilizing than a simple free market economic measure that Iran is said to be planning for March of this year. Tehran is preparing to open a bourse, a mercantile exchange and potentially a futures market, where traders can buy and sell oil and gas, along the lines of the International Petroleum Exchange (IPE)...