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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (276400)2/25/2006 4:43:14 AM
From: tejek  Read Replies (1) of 1572734
 
Some comments from an oil trader on the TSCM site. For the past couple of 6 months, there has been talk of starting to trade oil in euros instead of dollars. Apparently Iran and Norway are starting to move ahead on this concept. Obviously, they are small potatoes, and in the case of Iran, its being down out of spite. Nonetheless, this is not good news for the dollar.

Catalyst For FXE?

2/24/2006 1:18 PM EST

In case you don't know, Iran is in the process of creating an oil exchange to be called the Iranian Oil Bourse that will trade oil in euros. One story I found on the internet targets March of this year for getting the market up and running.

In the last couple of days has come news that Norway wants to start its own oil bourse that would trade oil in euros as well. Norway is much earlier in the process so nothing is firm yet.

While I doubt the volume will be large compared to NYMEX and Brent (traded in the UK but in US dollars) but it will create a demand for euros if it happens.

If these markets to come into existence, I think it creates visibility for more oil to get traded in euros in the future. This is not a new idea but these two proposed exchanges could be a starting point and should be watched.
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