Go Back   Club Conspiracy Forums > Current events > What is really going on?
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Thread Tools Display Modes
Prev Previous Post   Next Post Next
Old 10-01-2005, 11:05 PM
james_123 james_123 is offline
Junior Member
Join Date: Oct 2005
Posts: 1
Default End of Petrodollar hegemony

High time for a single GCC currency
By Emilie Rutledge

It seems that America is dependent on oil being invoiced in US$ - so what will happen when Saudi Arabia and its neighbors start to invoice oil in Gulf Dinars?

Iran will be opening a Oil exchange and invoicing in Euros. Venezuela is bartering oil for tradable goods.

From the article:
'Iran's decision to open an oil and associated derivatives market in March 2006 is interesting, not least because it plans to invoice contracts in euros, not dollars.

It is not likely that many energy traders will leave New York or London and set up shop in Tehran, but Iran's move does highlight a rising concern over the long-term value of the dollar.

If the dollar continues to decline against the euro, more states will increase the percentage of euros they hold in their reserves because the euro will be a better store of future wealth, and major oil suppliers will prefer to sell at least some of their oil for euros or currencies other than the dollar.

A strong, independent, single GCC currency is likely to attract increased levels of foreign direct investment to the region and facilitate the invoicing of some oil and gas sales in Gulf dinars.'

Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
The End of Dollar Hegemony SeC Opinions 0 02-20-2006 01:21 PM
Iran oil bourse: a threat to the petrodollar? SeC General Conspiracy Discussion 0 01-12-2006 02:00 PM

All times are GMT -6. The time now is 11:37 AM.

Powered by vBulletin® Version 3.6.12
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.