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Page added on March 18, 2012
Iran Oil Bourse To Open Next Week ?
Cryptogon points to a few interesting datapoints, amongst which is a claim the fabled Iranian oil bourse finally opens next week – IRAN’S BANKS TO BE BLOCKED FROM GLOBAL BANKING SYSTEM ON SATURDAY.
Flashback to a couple of weeks ago on Cryptogon:
If SWIFT actually pulls the plug, I’d consider the fuse to be lit. Also, if SWIFT does it before 20 March, this is probably the real reason:
Last week, the Tehran Times noted that the Iranian oil bourse will start trading oil in currencies other than the dollar from March 20. This long-planned move is part of President Mahmoud Ahmadinejad’s vision of economic war with the west.
“The dispute over Iran’s nuclear programme is nothing more than a convenient excuse for the US to use threats to protect the ‘reserve currency’ status of the dollar,” the newspaper, which calls itself the voice of the Islamic Revolution, said.
SWIFT is going to pull the plug on Iran on 17 March, three days before the opening of the oil bourse.
Via: BBC:
Swift, the body that handles global banking transactions, says it will cut Iran’s banks out of the system on Saturday to enforce sanctions.
The move will isolate Iran financially by making it almost impossible for money to flow in and out of the country via official banking channels.
It will hit its oil industry, but may also have a heavy impact on Iranians who live abroad and send money home.
The move follows EU sanctions against Iran over its nuclear programme.
The US and its allies accuse Iran of trying to develop nuclear weapons – a charge it denies.
Iran last week agreed to hold talks with six major world powers over its nuclear programme, although no date or venue has been set.
Almost all banking transactions pass through Belgium-based Swift, the Society for Worldwide Interbank Financial Telecommunication, which is sometimes called the “glue” that holds the financial system together.
Swift will pull the plug at 1600 GMT on Saturday, in what is all but the final blow to Iranian business dealings.
8 Comments on "Iran Oil Bourse To Open Next Week ?"
BillT on Sun, 18th Mar 2012 4:04 pm
And if it doesn’t work as the Empire desires, but fires up the exit from the dollar all over the world? Then what?
Japan needs Iranian oil.
India needs Iranian oil.
China wants Iranian oil.
Many European countries need it also, to survive.
Has the Us shot itself in the Federal Reserve? We shall see.
I suspect that there will be a brief disruption and then the oil will flow as always and Iran will just buy what it needs from China or Russia as usual. It might be a problem for out of country Iranians, but they will work around it. China may become the new clearing house for such transfers. The Empire cannot do much against it’s real banker.
Arthur on Sun, 18th Mar 2012 9:00 pm
In the light of the reality of peak-oil, the West is behaving like an ugly boy on a party, where he walks straight to the prettiest girl and unprovoked tells her that he does not want to have sex with her.
The West is bluffing.
DC on Sun, 18th Mar 2012 10:12 pm
But the bourse is why the amerikans are setting up Iran to be attacked in the first place. The ONLY place you can buy or trade oil is in NY or London, and useing Us Dollars. What the Iranians really want at the end of the day, is something amerikan cant tolerate, free trade. At least no ‘free-trade’ as amerikans define it. Canada and Mexico got roped, forced in NAFTA and its been a disaster. Cheap Labor from mexico and lose of control over its own natural resources and energy for Canada. If Mex and Canada had said thanks but no thanks to them, wonder if Drones would be attacking Ottawa and Mexico city right now?
Hard to say. Anyhow for Iran, or any ME country that wanted more open trade for oil, there leaders are either dead, and US corporate mercenaries patrol there streets. Though Im not over fond of Irans fundamentalists govt, I hope the bourse does well. After all, the uS is willing to kill 100’000s more people to stop it.
dsula on Sun, 18th Mar 2012 10:13 pm
Everybody is in this together. Some need the oil, others need the money from oil. And some need food from the money from the oil. Who blinks first?
pete on Mon, 19th Mar 2012 12:10 am
The swift option will be used over and over again from now on. to keep other countries under the control of the eUroweSt. the best thing the BRICS and other countries could do is set up a shadow swift that is independant and will deal in any currency. But like DC says the US cannot tolerate free trade or currency choice.
MrEnergyCzar on Mon, 19th Mar 2012 12:16 am
The embargo forces oil to be traded in a currency other than the dollar. Drug addicts can stop using the drug (oil)..
MrEnergyCzar
Arthur on Mon, 19th Mar 2012 12:12 pm
The reserve currency status is the largest hidden subsidy the US enjoys. Simply print money at zero cost and exchange it against real values and let the rest of the planet work for you. A leftover of the US/Soviet onslaught against Europe during WW2. Saddam tried something similar in the past, look what happened to him.
Saiful on Sat, 31st Mar 2012 1:16 pm
Now it is began war of world for Oil. When it finish we don’t know but i think it not stop without discover different way of energy.