You are browsing the archive for Iranian Oil Bourse.

by CTuttle

IAEA Pushes Toothless Resolution, US Crows, And, Other ME Tomfoolery

7:45 pm in Uncategorized by CTuttle

I would like to apologize for my sparse reporting on the Middle East and the I/P of late, but, my local Occupy is extremely addictive…!

Anyways, I had already typed out my title when I found this Christian Science Monitor report…

Resolution on Iran nuclear program hailed by US, but lacks teeth

The US lauds the ‘unified message‘ sent by the UN’s nuclear watchdog expressing ‘deep and increasing concern‘ over the Iran nuclear program. But the resolution lays no groundwork for action…

…In comments following adoption of the resolution, Clinton suggested the international community is now expressing unprecedented concern about Iran’s activities. “I think we’ve done a pretty good job bringing the international community to a place that it had never come to before,” she told NBC in an interview.

But she also suggested the reality that any action based on the resolution might be limited to the US and the European Union. “When it comes to sanctions,” she told NBC, “there are more steps that the United States and Europe are probably willing to take than others at this time.”

Now, as the AFP reported…

UN atomic watchdog condemns Iran

…The resolution said it was “essential for Iran and the Agency to intensify their dialogue” and calls on Tehran “to comply fully and without delay with its obligations under relevant resolutions of the UN Security Council.”

A total of 32 countries on the 35-nation IAEA board of governors voted in favour, with Indonesia abstaining and Cuba and Ecuador voting against, diplomats said.

To assuage Chinese and Russian misgivings, the resolution has no timeframe for Iran to comply, calling instead for IAEA head Yukiya Amano to report to the board in March on Tehran’s “implementation of this resolution.”

It should be a real wake up call to Western leaders, especially when the Wall Street Journal, and, Haaretz point out how far the MOTUs have truly fallen…

UN nuclear watchdog to soften Iran resolution, as gesture to China and Russia

IAEA to issue more moderate condemnation, despite recent report revealing that Iran is working toward developing nuclear weapons…

Basically, Russia and China aren’t buying the recycled tripe…!

But, never fear our AIPAC, bought and paid for, Wingnuts will gladly step up to bat… Republicans Tell Israel: U.S. Will Back Strike Against Iran…!

Now, while SecDef Panetta was warning about the possible ramifications of an attack on Iran… US defence secretary says military action against Iranian nuclear sites could have unintended consequences for the region…! It would appear that the real ‘crisis’ is being confronted head on…

From the Grey Lady…

U.S. Plans New Sanctions Against Iran’s Oil Industry

The Obama administration plans to impose a new round of sanctions against Iran’s petrochemical industry, a Western official briefed on the plans said Friday, less than two weeks after a United Nations report published evidence that the Iranian government was working on a nuclear weapon.

The sanctions, expected to be announced on Monday, build on existing measures against Iran’s oil and gas industry, which aim to curb foreign investment in refineries or other facilities. European nations are expected to announce similar measures when their leaders meet later in the week, the official said…

Well, No D’uh…! Here’s another Grey Lady op-ed penned by a PNAC Reichwinger, Reuel Marc Gerecht… Don’t Give Up on Sanctions…!

It should also be noted that it’s truly a Bipartisan push to punish Iran…

Senator Proposes New Sanctions on Iran’s Central Bank

Proponents of additional sanctions recognize the sever humanitarian costs, but argue human suffering in Iran is necessary

…One of the bill’s top supporters, Rep. Brad Sherman (D-CA), said, “Critics [of the sanctions] argued that these measures will hurt the Iranian people. Quite frankly, we need to do just that.”

The renewed push for additional sanctions against Iran comes after excessive government and media hype over the International Atomic Energy Agency (IAEA) released a report inflating concerns about a covert Iranian nuclear weapons program, although little evidence was put forth…

It’s always been about the Oil, the Iranian Oil Bourse, and, ultimately, Regime Change…! Not the Nuclear asperations of the Iranians, that the West and Israel are so concerned about…!

Case in point…

Israeli Attack on Iran Would Include Targeting Civilian Infrastructure

…Anonymous U.S. intelligence officials told The Daily Beast that and Israeli attack “would go far beyond airstrikes from F-15 and F-16 fighter planes and likely include electronic warfare against Iran’s electric grid, Internet, cellphone network, and emergency frequencies for firemen and police officers.”

Such an attack could cause serious human suffering and might constitute a deliberate violation of international law, which prohibits targeting civilian infrastructure for attack…

I will guarantee ya that the small island of Kish in the Straits of Hormuz will be the very first target and not Natanz or Bushehr…! Any takers…?

Meanwhile, in other tomfoolery…

Mitchell says Palestinians must show flexibility

The Palestinian leadership in Ramallah showed inflexibility over Israel’s settlement program and will have to make compromises for the sake of peace, the Obama administration’s former Mideast envoy has said.

George Mitchell, who resigned in May as US President Barack Obama’s special envoy for the Middle East peace process, said Tuesday at the University of Maine that the Palestinian side placed too much emphasis on settlements.

“I personally went to 13 countries and in almost every single one I was told that Palestinians … should not enter into negotiations unless there was full freeze on Israeli settlement activity,” Mitchell said, according to US news reports.

We negotiated that and the Israeli leaders agreed to halt new housing in the West Bank for 10 months. It was much less than what we asked for but more than anyone else had done,” the Freepress Online quoted him as saying.

The Palestinians rejected it as worse than useless. They were strongly opposed to it.

Can anyone be more oblivious than George Mitchell, besides Tony Blair…?

The Settlements are the problem, Period…! Well, the illegal Occupation too…

Unfortunately, Foggy Bottom just doesn’t get it either…

Report: US warns Palestinians on unity deal

The US may sanction the Palestinian Authority if Fatah and Hamas implement a reconciliation deal signed in May, an Israeli newspaper reported Friday.

Israel HaYom reported that US deputy secretary of state Bill Burns was in the region to relay a sharp message from the US president, Barak Obama, warning of serious consequences for the Palestinians.

Burns will tell President Mahmoud Abbas that if he intends to form a unity government, Hamas must renounce violence, recognize Israel, and agree to abide by previous agreements, the daily reported…

What is wrong with our Ship of State…? Does it really want to founder on those perilous shoals…?

God help us all…!


by CTuttle

Oily Bomber Redux And Iran’s Oil Bourse

3:31 pm in Uncategorized by CTuttle

“The idea that they would attempt to go to a Mexican drug cartel to solicit murder-for-hire to kill the Saudi ambassador, nobody could make that up, right?”–Hillary Clinton

I’ve been looking around the toobz to determine why the Oily Bomber is trying to ‘wag the dog’ on Iran…! The usual suspects like Israel and the House of Saud came to mind, but, it didn’t seem quite right…

Then I stumbled upon this…

1st Oil Shipment Sold on Iran Oil Bourse

The first shipment of Iranian crude oil has been sold on Iran’s international oil bourse on the Persian Gulf island of Kish, an Iranian official says…

…Mohammad Reza Khajenasiri, the chief supervisor of bourses and markets in Iran’s Bourse Organization, said that a shipment of 500,000 barrels of heavy crude oil were offered at the Kish Commodity Exchange on Thursday (Aug. 18) and were traded at USD 105.49 per barrel, Mehr News Agency reported.

The crude consignment was traded ‘without any discount or additional premium,’ he stressed. [...]

Iran is the Organization of Petroleum-Exporting Countries (OPEC)’s second-largest oil producer.

The Iranian oil bourse is intended as an oil exchange for petroleum, petrochemicals and gas in various currencies other than the U.S. dollar, primarily the euro and Iranian rial and a basket of other major (non-U.S.) currencies.

Western analysts said that at a time when the U.S. dollar is as vulnerable as it has ever been, Iran is piling on the pressure with their oil exchange. The thing that will kill the U.S. dollar as the world’s reserve currency faster than the U.S. debt default is if oil producers and consumers trade oil in other currencies.

They said, if the main oil consuming and producing nations in the world unite to trade oil over an open exchange, similar to Iran’s oil bourse, and price the oil in currencies other than or as well as the U.S. dollar, then the world is likely to be economically more stable.

Well, Lah di dah…!

While the Iranian oil bourse has been in operation for several years now, they had never been able to sell any of Iran’s Crude Oil in bulk, it’s always been the distillates and other petroleum products that they’ve exchanged, until now…!

Now, here’s some great background analysis…

Iran’s Oil Bourse: A Threat to the U.S. Economy?

While Iran’s nuclear program has become a major focus of the international media, there are many who strongly believe that the program is only a cover for the U.S. government’s true motive in a possible attack against Iran.

What some analysts posit is the real concern for the United States is Iran’s plan to open its own oil exchange — the Iranian Oil Bourse (IOB) — with the alleged goal of becoming the dominant center of the Middle East’s oil trade.

What makes the IOB the subject of such interest by the American government? According to rumors, which first vaulted the issue into the spotlight, the financial exchange in the aforementioned bourse will trade for oil in euros instead of the U.S. dollar. The dollar has long been the dominant currency for international oil trade. [...]

Of course, the effectiveness of the IOB will depend on whether the big international oil trading companies decide to accept deals in euros or not. However, the potential financial impact on the U.S. economy remains more than just idle speculation.

“The weapon of oil in the hands of Iran’s regime is more dangerous than any other weapon,” said a recently published article in Italy’s Panorama newsmagazine. [...]

There is speculation that the IOB represents Iran’s plan to escape any possible future economic sanctions spearheaded by the U.S. However, some postulate that the plan could also endanger the continued existence of Iran’s regime. William Clark, an American security expert, predicted that if Iran threatened the hegemony of the U.S. dollar in the international oil market, the White House would immediately order a military attack against it…

Woof, woof…!