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Encyclopedia > Petroeuro
The Euro
The Euro

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. Image File history File links Euro_symbol. ... Image File history File links Euro_symbol. ... ISO 4217 Code EUR User(s) European Union; eurozone: Austria, Belgium, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain; outside eurozone: Andorra, Monaco, San Marino, Vatican City, Montenegro, Kosovo, French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique, Mayotte. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... ISO 4217 Code EUR User(s) European Union; eurozone: Austria, Belgium, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain; outside eurozone: Andorra, Monaco, San Marino, Vatican City, Montenegro, Kosovo, French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique, Mayotte. ... A petrodollar is a dollar earned by a country through the sale of oil. ... A marketplace is the space, actual or metaphorical, in which a market operates. ... A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ... Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international organization made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. ... United States one-dollar bill Canadian one-dollar coin (Loonie) One New Taiwan dollar Australian one-dollar coin 500 old Zimbabwean dollars The dollar (represented by the dollar sign: $ which comprises a single vertical line through a capital S) is the name of the official currency in several countries, dependencies... ISO 4217 Code EUR User(s) European Union; eurozone: Austria, Belgium, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain; outside eurozone: Andorra, Monaco, San Marino, Vatican City, Montenegro, Kosovo, French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique, Mayotte. ... Japanese 10 yen coin (obverse) showing Phoenix Hall of Byodoin Yen is the currency used in Japan. ...


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. Iran is planning to open a stock exchange, under names variously referred to in English as Iran Petroleum Exchange, International Oil Bourse or Iranian Oil Bourse, for the express purpose of trading oil, petrochemicals and gas in various non-dollar currencies, including euros. ... The current version of the article or section reads like an advertisement. ... The term Trader can refer to: In economics, a merchant, a retail business or one who attempts to generally buy wholesale and sell later at a profit In finance, someone who buys and sells financial instruments such as stocks, bonds and derivatives - see stock trader In marketing, Trader Classified Media... West Texas Intermediate (WTI) is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchanges oil futures. ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ... Brent Crude is one of the major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. ... UAE redirects here; for other uses of that term, see UAE (disambiguation) The United Arab Emirates is an oil-rich country situated in the south-east of the Arabian Peninsula in Southwest Asia, comprising seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. ... Dubai Crude is an oil price benchmark. ...


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] March 20 is the 79th day of the year in the Gregorian Calendar (80th in Leap years). ... 2006 (MMVI), a common year starting on Sunday of the Gregorian calendar. ... Norouz (Persian: ‎ also spelled Nauryz, Noe-Rooz, Nawroz, Norooz, Noruz, Novruz, Noh Ruz, Nauroz, Nav-roze, Navroz, Naw-Rúz, Nevruz or Nowrouz) is the traditional Iranian new year holiday in Iran, Azerbaijan, Afghanistan, India, Turkey, Zanzibar, Albania, various countries of Central Asia like Kazakhstan, Turkmenistan, Tajikistan, Uzbekistan, Kyrgyzstan, and...

Contents

Supply

Supply data from list of net exporting countries


Sales in Euros are speculation at this point for countries other than Iran and based on statements concerning target percentages of reserve currencies and other guesses.

Supply in Euros
Country bbl/day
Russia 6 670 000
Norway 2 290 000
Iran 2 550 000
Venezuela 2 360 000
Algeria 1 680 000
Supply in Both
Country bbl/day % Euro (est)
United Arab Emirates 2 330 000 40
Nigeria 2 190 000 30
Mexico 1 800 000 10
Libya 1 340 000 20
Kazakhstan 1 060 000 50
Qatar 1 020 000 20
Supply in Dollars
Country bbl/day
Saudi Arabia 8 730 000
Kuwait 2 200 000
Iraq 1 480 000

Demand

Demand data from CIA World Fact Book.

Demand in Euros
Country bbl/day
Germany 2,677,000
France 2,060,000
Italy 1,874,000
United Kingdom 1,722,000
Spain 1,544,000
Iran 1,425,000
Netherlands 920,000
Belgium 624,200
Poland 479,200
Greece 435,700
Sweden 346,100
Portugal 326,500
Switzerland 258,900
Norway 257,200
Finland 219,700
Ireland 175,600
Denmark 188,300
Demand in Both
Country bbl/day % Euro (est)
China 6,391,000 30
Japan 5,578,000 40
Venezuela 530,000 50
Demand in Dollars
Country bbl/day
United States 20,030,000
Russia 2,800,000
India 2,320,000
Canada 2,193,000
South Korea 2,168,000
Brazil 2,100,000
Saudi Arabia 1,775,000
Mexico 1,752,000
Indonesia 1,155,000
Taiwan 915,000
Australia 875,600
Thailand 851,000
Turkey 715,100
Singapore 705,000
Egypt 566,000
Malaysia 510,000
South Africa 484,000
Argentina 450,000
Ukraine 401,000
Pakistan 365,000
Philippines 335,000
United Arab Emirates 310,000
Nigeria 310,000
Kuwait 305,000
Austria 286,200
Israel 270,100
Hong Kong 260,000
Belarus 252,000
Syria 240,000
Libya 236,000
Romania 235,000
Algeria 232,000
Chile 228,000
Kazakhstan 221,000
Vietnam 216,000
Czech Republic 185,200
Morocco 158,000
Peru 157,000
Ecuador 155,000
New Zealand 151,900
Colombia 134,100
Hungary 134,100
Bulgaria 107,000

External links

Cited

  1. [4] [2],
  2. a  The Iranian line in the sand, Dan Crawford, The Republic (Vancouver), August 18 to 31, 2005
  3. b  Kish Oil Exchange Planned, Iran Daily, January 24, 2006
  4. c  A frenzied Persian new year, March 22, 2006, Asia Times

Vancouver (pronounced: ) is a city in southwestern British Columbia, Canada. ... August 18 is the 230th day of the year (231st in leap years) in the Gregorian calendar. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... January 24 is the 24th day of the year in the Gregorian calendar. ... 2006 (MMVI), a common year starting on Sunday of the Gregorian calendar. ... March 22 is the 81st day of the year in the Gregorian Calendar (82nd in leap years). ... 2006 (MMVI), a common year starting on Sunday of the Gregorian calendar. ... Asia Times Online is an Internet-only publication that reports and examines geopolitical, political, economic and business issues, looking at these from an Asian perspective. ...

Other links

  • History of Oil video done by Robert Newman
  • PetroTalk Portal for petro related Articles, Discussion, Links and more

See also


  Results from FactBites:
 
Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse | EnergyBulletin.net | Peak Oil News ... (4066 words)
From a purely economic and monetary perspective, a petroeuro system is a logical development given that the European Union imports more oil from OPEC producers than does the U.S., and the E.U. accounted for 45% of exports sold to the Middle East.
Regardless of the potential U.S. response to an Iranian petroeuro system, the emergence of an oil exchange market in the Middle East is not entirely surprising given the domestic peaking and decline of oil exports in the U.S. and U.K, in comparison to the remaining oil reserves in Iran, Iraq and Saudi Arabia.
It should also be noted that throughout 2003-2004 both Russia and China significantly increased their central bank holdings of the euro, which appears to be a coordinated move to facilitate the anticipated ascendance of the euro as a second World Reserve Currency.
The Iranian Threat: The Bomb or the Euro? (1240 words)
Such conversion is looked upon as a flagrant declaration of economical war against the US that would flatten the revenues of the American corporations and eventually might cause an economic collapse.
Iran’s determination in using the petroeuro is inviting in other countries such as Russia and Latin American countries, and even some Saudi investors especially after the Saudi/American relations have weakened lately.
This determination had also invited an aggressive American political campaign using the same excuses used against Iraq: WMD in the form of nuclear bomb, support to "terrorist" Lebanese Hezbollah organization, and threat to the peace process in the Middle East.
  More results at FactBites »

 
 

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