Iran oil bourse inaugurated

[muriel_volestrangler]

If you remember the fuss a few years ago about how Iran was on the verge of setting up an independent oil bourse, which would destroy the dollar as the currency in which oil is traded - well, it finally happened:

TEHRAN - The Iranian oil bourse was officially inaugurated on Wednesday, with 600,000 barrels of heavy crude oil being offered for sale on the Kish International Commodity Exchange.

The crude oil stock was offered at the base price of $112.60 per barrel but no dealer was ready to pay above $109.65, so no transactions were carried out.

Iran began offering fuel oil contracts on the oil bourse in April.

http://www.tehrantimes.com/index_View.asp?code=244143

Notice the price is still quoted in dollars. As far as I can tell, the bourse was open for trading other products before, but this is the first time it's traded crude.

http://www.tehrantimes.com/index_View.asp?code=206503

[yella_dawg]

1. Happened in Iraq just months before the invasion.

How many battle fronts will this make? I've lost count.

[Arctic Dave]

2. Probably the reason numb nuts is drumminng the "Iranian wepons"

meme again. Have start the story going to bomb Iran. Of course an errant missile or two will likely land on the new bourse.

[Skink]

3. Stuxnet 2 on it's way.