China Shifts to Euros for Iranian Oil

China Shifts to Euros for Iranian Oil

business.scotsman.com

BEIJING (Reuters) - China's state-run Zhuhai Zhenrong Corp, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year ...

"Most of China's purchases have shifted to euro. It's not difficult so long as our banks can handle that," said a Chinese state oil trader.

Japanese buyers, including top refiner Nippon Oil Corp., said they had all received inquiries from Iran to pay on non-U.S. dollar terms, but were awaiting an official request.

(visit the link for the full news article)

Seems like things are moving again in the petrodollar world including moving ahead with a Euro based oil bourse: Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse

This particular story came out a couple of days ago and is reporting a continuing development that began a few months ago.

I think it kind of puts this story from a couple of days ago into perspective: United States Sanctions China! Just in!

That makes more sense now.

Funny how these important economic and geopolitical developments are playing-out totally under the radar in the mainstream media.

Makes me thinks it's important or something.
.

business.scotsman.com
(visit the link for the full news article)

[edit on 3/31/2007 by Gools]

Not only has this current administration done more damage to our worldwide image then any other in our history, it has also pretty much destroyed our economic future.

Can't be long now before the Iranian's isn't the only petroleum China will be purchasing in Euros and other currencies. They sure are in the drivers seat balance of trade-wise. America is addicted to China.

Yes, it has been under-reported - it's on the biz news but run as "just another news item". Not likely to change soon - I simply cannot understand why the USD is still so strong - the military capability and the MIC and associated corporations? The "defense" hardware biz is doing well. Well indeed.

If one were to look at the "financials" the economy is very good. The whole planet is over-valued but as long as a rush doesn't start and folks keep watchin' TV and buying financial products - steady as she goes. It's all a bit precarious in an increasingly insecure geo-political environment. She's gonna blow at some point.

I wonder what percentage of consumer America is made in America other than bricks and mortar buildings and Toyotas and Hondas? How about the pre-prime default lending rate huh? All that "cheap" money for real-estate.

I wonder who holds all that paper... and now a great deal of real estate in default? Tick, tick, tick and all the while folks are afraid of other things - hmmm, correction; afraid of everything from the weather to their own governments. Yikes!

[edit on 31-3-2007 by V Kaminski]

The US dollar is still strong because of the high price of oil. The more the oil is expansive, and that it's traded in US$, the more the US can continue their economic scam.

When they change with EURO, the US economy will implode. And they'll bring us the north american union and amero $.

Originally posted by Vitchilo
...the US economy will implode. And they'll bring us the north american union and amero $.

I think that's the plan (or at least the conspiracy everyone is talking about).

It won't be pretty.

What we have been witnessing over the last few years and what seems to be accelerating these days is the slow disintegration of US economic power. No surprise really, people have been writting and speculating about this for a couple of decades.

Mark Twain is quoted as saying that History doesn't repeat but it rhymes.

See if this rhymes with anything:

The pound sterling was the primary reserve currency of much of the world in the 18th and 19th centuries. But perpetual current account and fiscal deficits financed by cheap credit and unsustainable monetary and fiscal policies and the relative decline of Britain from being the world's pre-eminent military and economic power led to the pound losing this status. BrainyEncyclopedia

.

[edit on 3/31/2007 by Gools]

Gools is correct (and VERY smart) to be comparing this to the decline on the British Empire. Britain lost its Empire because it costed too much to hold. America is learning that being the worlds superpower comes at a very high price. And lets behonest, the US is in more debt now than the British Empire was when it started to decline and ever was.

The economic power of the United States is coming down very fast. Try looking for this on the mainstream media, you won't find it. Notice how pundits who are talking about a US decline are being silenced.

The fear is, if we starting talking public about a US decline the world market is going to take a HUGE hit and stock markets may even crash. But, by not talking about it, we will see a even HARDER hit.

This is something that shouldn't be covered up.

it seems this has gone "unnotice" too

Arab central banks move assets out of dollar

news.independent.co.uk...

Adding this link to another related and active discussion:

Russia, China Sign Four Billion dollars of Trade Deals
.

has anyone though that if america really wanted to we could with minimal force (airstrikes) take out the electrical and communicative abilities of about 65% of the other countries in the world other countries can use economic means to fight us but if it came down too it the us is still the only millitary superpower in terms of equipment and tactics

Don't be so hasty as to how our nation will be dealing with this new turn of events.

let me remind you that while we the regular joes of America that made the majority of what is call the American nation will be the ones losing if the economy has a fall.

But the elite that controls the wealth in the world will no suffer a bit.

Many think that the British empire die, but that is not so . . . the Empire is very strong and US is now the center of that empire.

Remember who is the people that control the wealth, they are not Chinese, neither Arabs . . . it has been the same people through generations, no, the Empire is not death and with the help of the US in the middle east they will take hold of what is perhaps one of the last most precious last resource in the world, until something else take its place.

Everything will come down to who control what in the middle east.

yeah i know it just seems to me more and more that the only thing we still have after losing credibility during the war and what over the last couple of months is starting to appear to be a major economic shift that maybe all we have is our millitary might which thanks to current situations seems to be waning......i geuss it stems from my belief that the worlds going to either have to end because of nuclear fallout or one nation is going to have to take all the natural resources because right now we dont have enough resources to maintain all the people on the earth

Originally posted by marg6043
Many think that the British empire die, but that is not so . . . the Empire is very strong and US is now the center of that empire.

In theory, the British still have an Empire because we have 14 overseas territories (colonies). Its the same with France.

getting back to the topic...

This wasn't covered by the mainstream media either (Dec 2006)



www.energia.gr...

[edit on 31-3-2007 by infinite]

Iran's oil output is 5% (if that) of the world total, 68% of the world's oil is traded in U.S. dollars. Sure Russia and China are willing to trade Oil with Euro's when dealing with Iran - but that's it.

These countries can say all they want, but if the Oil companies refuse (and they have) it simply won't happen on a large scale.

But for fun - if it did happen - it would crush Iran's economy - Iran simply can not absorb that. Then there is the question of stability - would you really place your countries energy needs in the hands of those that can be blown to bits at any moment by the United States of America?

Think about it people...

The vested interests crushed the back bone of America years ago,its called food distribution and south american trade,and they continue gathering as many $$$ before the public figures it out. Many countries have not only joined forces with the Euro, but have made it illegal to have USD in their posession. Don't underestimate the strenght in numbers.We Americans are not the soft pansies that some of these opposing counrties think we are. If we all woke up tomorrow and found a Russian at the foot of our bed and a Chinese at the head ,and the total collapse occured, it would do nothing but seperate the real Americans from the low lives. There is no force greater than truth and freedom!

Originally posted by crisko
Iran's oil output is 5% (if that) of the world total, 68% of the world's oil is traded in U.S. dollars. Sure Russia and China are willing to trade Oil with Euro's when dealing with Iran - but that's it.

These countries can say all they want, but if the Oil companies refuse (and they have) it simply won't happen on a large scale.

But for fun - if it did happen - it would crush Iran's economy - Iran simply can not absorb that. Then there is the question of stability - would you really place your countries energy needs in the hands of those that can be blown to bits at any moment by the United States of America?

Think about it people...

Of that 5% I'm pretty sure that Russia and China are the top importer of Iranian oil? And if this is correct then this would make complete sense why Russia and China has raised an eye brow to the military build up on the Iraq/Iran border. I don't think Russia or China is going to sit back and let the U.S. control that much natural resource with out putting in thier own bid. And last time I checked Russia,China,Pakistan,India all have nukes..So that would put them as a super power and I would "India" because they are one of the fastest growing economy's in the world. I would fear that a U.S. attack is going to force China and Russia to turn a hand in this war, And that is going to throw a monkey wrench into our economy. On the other hand Russia has a massive amount of untapped resource so by the U.S. forcing war in Iran this could cause oil production ripples that could give the Russian oil economy a boost and bring in new contracts from Iranian customers..i.e. China? I really don't know it's like a giant chess game being played right under our nose.

Without The Benefit Of Hindsight

Originally posted by tsloan
I really don't know it's like a giant chess game being played right under our nose.

The only thing of which I am absolutely certain is that the players in this grand chess game aren't telling us everything we need to know to understand their strategies.

If they did, things that don't currently seem to make sense would suddenly make a great deal of sense.

Well that and us conspiracy theorists would have to find something else to speculate about.

History is hard enough to figure out after the fact.

While it's happening -- and before -- it's reminiscent of playing a game of darts blindfolded.

Still, it's worth a throw.

Amen...to that!

I can't for the life of me but help wonder if this is some crazy small fragment to something that is on the horizan? As much as I have looked at this...Why in the hell would we want to go into Iran unless there is a on coming oil crisis? I know that the whole insurgent point in Iraq and now the whole hostage crap, But..why on earth would Iran force us to play a hand with out knowing that they had a 900lb ape in the room next door waiting to thump us over the head? It just makes no sense what so ever?

Originally posted by tsloan
I can't for the life of me but help wonder if this is some crazy small fragment to something that is on the horizan? As much as I have looked at this...Why in the hell would we want to go into Iran unless there is a on coming oil crisis? I know that the whole insurgent point in Iraq and now the whole hostage crap, But..why on earth would Iran force us to play a hand with out knowing that they had a 900lb ape in the room next door waiting to thump us over the head? It just makes no sense what so ever?

I would be a bad Conspiracy Master if I failed to mention this.

Within the conspiracy and financial communities, there has been a rumbling for quite some time that U.S. activity in the Middle East has been aimed at putting a halt to the rise of the euro. It's a point that I made in my published work back in 2004.

As a form of economic warfare, switching from dollars to Euros will have long term consequences. American supremacy will be lessened as fewer nations hold our currency for debts, or commercial transactions.

Geee..Thanks Justin,

Now I will spend yet another 3 hours stressing my eyes on your point.
o.k. I'm out gotta go look into your point for the rest of the night..Damn you