China Re-opens Its Oil Bourse
2006
US National debt TBD.
Interest on debt TBD.
China
On August 18, China re-opened its oil bourse in Shanghai after a 12-year hiatus. (pictured) The Shanghai Petroleum Exchange is China's first bourse for spot transactions involving oil and gasoline products and in the future will begin trading other petroleum and chemical products, including crude oil, refined oil, and liquefied natural gas. The Chinese media reported that two overseas oil giants have set up branches in China to trade on the Shanghai Petroleum Exchange but their identities have not been disclosed." [1]
Iran
Despite the delays, Iranian news outlets in September describe the opening the KIOB as "under way."
On December 18, Iran announces that it will cease to use the US dollar as a reserve currency.
Russia
In May, President Vladimir Putin announced his intention to implement ruble-based oil trading via the Russian Trading System (RTS).
United Arab Emirates
On December 28 United Arab Emirates, announced that the weakening US dollar has caused its central bank to move some of its foreign exchange reserves from dollars to Euros.
USA
On March 23rd the Federal reserve Board stoped publishing the aggregate M3 money supply statistic.
[1] Hysteria Over Iran and a New Cold War with Russia: Peak Oil, Petrocurrencies and the Emerging Multi-Polar World, William Clark, December 22, 2006, p 37
< 2005 | Date Index | 2007 >