Pouring oil in Muddy Waters - The Iranian Oil Bourse partially uncovered

Interview with Chris Cook, Originator of the Iranian Oil Bourse
By Julian Jackson POwerswitch and Chris Vernon of Oil DRum

Fascinating insight into part of the history about the supposed Iranian Oil Bourse, Euros, OPEC, Peak Oil and much else about transparency in international oil markets.

Julian Jackson (JJ): I wanted to ask you, what is the current state of play with the Iranian Oil Bourse?

Chris Cook (CC): The current position is that there are two conflicting positions. One is the official one, or should I say semi-official one, the other is the actual facts of it, or maybe it's the difference between the apparent and the real. The problem with this has been that the sponsors of this exchange, the Oil Ministry, have resisted from the outset any real transparency. Therefore the announcements we have seen in relation to an oil exchange would be in reality a travesty of an exchange. It bears no relation to the proposition that was put forward, the feasibility study that was done, and what the President [of Iran] wanted: more transparency in the oil market.

What we are looking at is a political problem: all that has been done is a building has been bought, a legal entity has been put together, but all the nuts and bolts, the elements of an exchange, essentially there is nothing behind it at all which is worthy of the name of an exchange.

JJ: That's a bit of a shock to me - I don't speak Farsi, but I've been following as much as I can in the news, and I thought things were further advanced than that.

CC: They appear to be, but that is in fact not the case. It suits certain elements within the Oil Ministry, who have been obstructive throughout this process.

Now read on........

see also .....
Asia Times Middle East: Jan 21, 2006

PERCEPTION and REALITY
What the Iran 'nuclear issue' is really about
By Chris Cook