Iran to launch oil and gas exchange on Feb. 27

Iran has been promising a ‘rial’ based oil bourse for two years. If they really have the infrastructure in place to make this ‘promise’ a reality, then this will further degrade the value of the dollar (since our US dollar is tied to oil — so-called ‘petrodollars’ — not gold). — PID

Feb 15, 2008 TEHRAN (RIA Novosti) — Iran will launch a commodities exchange for oil, petrochemicals and natural gas on February 27, the Islamic Republic’s oil minister said on Wednesday. /SNIP/ … the Oil Bourse will be located on the Persian Gulf island of Kish and that all financial settlements will be made in Iran’s national currency, the rial. Full Report