Tuesday, July 18, 2006

Remember the big bad Iranian Bourse?

You know, the one that the Iranians feel will bring the great Satan to it's knees. (See Dude, Where's My Bourse and Remember the Iranian Bourse)

Supposedly one of the arrows in Almondjoy's quiver is the formation of an Iranian oil market to smash the dollar to smithereens and take care of our tacky asses once and for all. The only problem? Who the heck knows? But it's been postponed a bunch of times.

Here's the latest I've been able to find from the Persian Journal. Iranian Bourse to Open in September

The lede and some choice tidbits:

Iran will start the initial phase of its planned Iranian oil bourse at the end of September.

The building that will house the oil bourse has reportedly already been purchased in the southern Iranian island of Kish in Persian Gulf.

Petrochemical and oil-related products will be made available to customers in the first phase but the volume of the shares to be traded is not yet clear, the official told.

The exchange will have a positive impact on oil sales, not only in Iran but in the wider Persian Gulf region and is slated to replace the current dollar-based oil exchange with one based on the euro, he said.

The International Petroleum Exchange in London and the New York Mercantile Exchange, on which oil is currently traded, both use the dollar.

Iran argues that as long as 60% of global oil and 25% of natural gas needs are met by Persian Gulf states, oil dealing in either New York or London made no sense.

Time will tell. I guess. I'll believe it when I see it.

For the most succinct breakdown of why it will not bring old Uncle Satan to his knees see Analysts Skeptical of Iran Oil Plan.

In the interim the Middle Eastern markets have their own dead cat bounce to deal with.

From Trade Arabia: Beirut bourse stays closed, dollars hoarded

Escalating Violence Batters Mideast Markets