FOREX TRADERS

[ultimatepick]

Petroeuro

And people are wondering why the US wants to attack Iran!
Russia and China will never let them!

http://en.wikipedia.org/wiki/Petroeuro
A petroeuro is a petroleum trade valued in the euro as opposed to the US dollar (a petrodollar). Trading of any natural resource, including petroleum, is controlled through trading partnerships involving both exporters and importers of the resource, in a defined marketplace, and through a trade agreement. The major countries holding petroleum reserves since the decline of US production are dominated by OPEC, and hence, OPEC may choose dollars, euros, yen, or any currency providing perceived advantage, politically or economically. Since the OPEC's agreements of 1971 and 1973 oil is exclusively sold in US dollars. This created a permanent demand for dollars on the international exchange markets.[4] As of 2005, OPEC continues to trade in petrodollars, but some OPEC members (such as Iran and Venezuela) have been pushing for a switch to the euro.

Since the beginning of 2003, Iran has required euros in payment of exports toward Asia and Europe, though prices are still expressed in US dollars [1]. Iran is planning to open an International Oil Bourse (IOB, exchange), on the free trade zone on the island of Kish [2], for the express purpose of trading oil priced in other currencies, including euros. This will establish a euro based pricing mechanism, or "oil marker" as it is called by traders. The three current oil markers are US dollar denominated, which include the West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude.

The opening of the IOB had been planned for March 20, 2006, the Iranian New Year 1385[1], but has been delayed. It was expected to open sometime in the summer of 2006.[3]