Iran Act III? Maybe Not? Maybe?
The last two countries which had plans to switch from the dollar to the Euro as the currency for oil transactions were Venuezuela and Iraq. These plans resulted in a failed assasination attempt on Chavez and a coo which temporarily deposed him in Venezuela. The other result was the invasion of Iraq and deposing of Saddam.
Blame “unspoken macroeconomic drivers” for the seeming U.S.’ determination to attack Iran, in particular the fact that the Tehran government plans to open a euro-based oil exchange in 2005 or early 2006. This would deliver a devastating blow to U.S. corporations, which own both the London’s International Petroleum Exchange (IPE) and the New York Mercantile Exchange (NYMEX), the main global oil traders.
All three current oil markers, the West Texas Intermediate crude (WTI), the Norway Brent crude, and the UAE Dubai crude are dollar-denominated. Iran, however, has required payment in euros for its European and Asian/ACU exports since spring 2003.
In June 2004, the UK Guardian noted that “Some industry experts have warned the Iranians and other OPEC producers that western exchanges are controlled by big financial and oil corporations, which have a vested interest in market volatility.” BP, Goldman Sachs and Morgan Stanley, proud owners of the IPE since 2001, refused to comment.
See: Why Iran is Next
http://www.howestreet.com/story.php?ArticleId=1005
See: Iran Act III?
http://naybob.blogspot.com/2005/01/act-i-afghanistan-act-ii-iraq-act-iii.html
See: Iran Act III? Maybe Not...
http://naybob.blogspot.com/2005/02/act-iii-iran-maybe-not.html
Blame “unspoken macroeconomic drivers” for the seeming U.S.’ determination to attack Iran, in particular the fact that the Tehran government plans to open a euro-based oil exchange in 2005 or early 2006. This would deliver a devastating blow to U.S. corporations, which own both the London’s International Petroleum Exchange (IPE) and the New York Mercantile Exchange (NYMEX), the main global oil traders.
All three current oil markers, the West Texas Intermediate crude (WTI), the Norway Brent crude, and the UAE Dubai crude are dollar-denominated. Iran, however, has required payment in euros for its European and Asian/ACU exports since spring 2003.
In June 2004, the UK Guardian noted that “Some industry experts have warned the Iranians and other OPEC producers that western exchanges are controlled by big financial and oil corporations, which have a vested interest in market volatility.” BP, Goldman Sachs and Morgan Stanley, proud owners of the IPE since 2001, refused to comment.
See: Why Iran is Next
http://www.howestreet.com/story.php?ArticleId=1005
See: Iran Act III?
http://naybob.blogspot.com/2005/01/act-i-afghanistan-act-ii-iraq-act-iii.html
See: Iran Act III? Maybe Not...
http://naybob.blogspot.com/2005/02/act-iii-iran-maybe-not.html
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