Iran sells oil in yen for Japan

[Pekelo]

http://www.upi.com/International_Se.../analysis_iran_moves_to_ditch_us_dollar/6990/

"Whether Iran’s oil is sold in euros, yen or dollars, the United States will likely not be affected by Tehran’s decision.

“I think it is going to have minimal impact on the dollar and minimal impact on the U.S. energy situation,” Kirsch said."

Sure. We shall see....

 

[Manni]

Saddam Hussein wanted to move away from dollars and sell his Oil in Euros....look what happened to him.

Would have been a good move for Saddam as Euro has appreciated approx 40% against the USD.

 

[Pekelo]

Quote from Manni:

Saddam Hussein wanted to move away from dollars and sell his Oil in Euros..

He actually did.

Yeah, the correct translation of the Iranian nukes is: Tehran oilbourse. For some strange reasons (technical difficulties my ass) it still hasn't opened....

 

[zer0]

I can't blame them. Every rational seller would prefer to be paid with a "healthy" currency.

 

[Cesko]

“I think the producing states are becoming increasingly sophisticated in how they hold their foreign currency. But in terms of whether, is oil formally going to be priced in yen, renminbi, or the euro, I don’t think that is going to happen. Simply because you would have to establish a whole new contract and an exchange for that, and that can be quite costly. It is also, you have to find a contract that the investment community is willing to embrace, and until you need to do that, I think they will be satisfied sticking with the contracts from the NYMEX and the International Petroleum Exchange,” Kirsch said.

I wonder if anybody actually read the whole article. If you did you would know big part of their motivation are U.S. sanctions making it difficult for them to do business in USD, not because they choose to do it completely by free will.
So far the only ones hurting are Iranians. Otherwise good luck to them they will need it.
Nowadays they can't even develop capacity needed to refine enough oil for their own consumption.
P.S.Who would ever expect objective thought from anti-american crowd though? Pekelo how many sentences of the article you've actually read. 2 or 3 at most, I guess.

 

[Cesko]

I love all these idiots suggesting the U.S. going to war in order to preserve USD role in oil business yet America itself is hurting Iran by trying to exclude them from doing the business in $$$.

 

[TheDudeofLife]

the moderators are likely to delete this thread.


http://www.elitetrader.com/vb/showthread.php?s=&threadid=99025

 

[Ivanovich]

This was mentioned - I think - back in April. Why is this new news?

 

[dhpar]

Quote from Cesko:

I love all these idiots suggesting the U.S. going to war in order to preserve USD role in oil business yet America itself is hurting Iran by trying to exclude them from doing the business in $$$.

lol. why does us go to iraq then? to promote democracy? to save iraqi people from saddam's tyranny? to take away from him wmds?
get real. the only reason is an energy security of us. if us does not have an easy access to middle eastern oil it would have a significant impact on us geopolitical and economic status. and only as long as us is the superpower in these two areas the oil is going to be priced in usd - which is a huge advantage for us.
why do you think some countries were against the invasion in the first place? to save iraqi people? c'mon - it is not that subtle after all.

by the way us is not trying to prevent iran doing business in usd - it tries to prevent them to do any business. the fact that they do it in different currencies pisses them off. and be sure other (big) countries will never accept any pressure from us on foreigner banks exactly because of above...

next time tell us something more interesting...are you czech by the way?

 

[dhpar]

Quote from Ivanovich:

This was mentioned - I think - back in April. Why is this new news?

i think it was a tiny transaction at that time. and also it is clearly more fashionable right now (with declining dollar)....