The term Petroeuro is coined/shaped similar to the Petrodollar, and expresses that the trade with oil products (English petroleum) in euro is completed. Exactly taken it concerns a theoretical or conceptional term, there at present (January 2006) the US Dollar the dominating currency is.

Background

The important oil exporting countries (OPEC in addition, Russia) account for their exports in US Dollar. In order to evade to an actual or felt dependence on the USA, the most important single importer, in addition, in order to reduce the currency of the USA in their meaning and its value, some countries suggested a break with the US Dollar and a change to the euro in the past made (Iraq during the last years of the rule of Saddam Hussein, however under US guidance again reset on US Dollar and Syria) or for the future (Iran, Venezuela).

Iranian oil stock exchange

Already 2003 began Iran to act with its European and asiatic partners in euro. For March 2006 Iran plans the opening of a new oil stock exchange, the Iranian oil stock exchange (IOB), to act with the intention, exclusively in euro. This could lead to a eurobased price mechanism, as is speculated in a oft-quoted article of the Asia Time of August 2005.

For the USA the usually-acted reference oil (English oil marker) is designated west Texas Intermediate (WTI), for Europe Brent, after the North Sea oil field, and for Asia Dubai Fateh. In addition the OPEC oil, which is again a basket of eleven different types of oil, comes by which an averaged average is calculated. All four sorts have the US Dollar as nominal value.

See also

• Petrodollar
• Petrorubel

Related links

• Tonuses Straka: "“Killing the dollar in Iran"”. In: Asia Time, 26 August 2005 (English)
• Franc Schmiedchen: Thought on the Petro euro.

http://www.vdw-ev.de/publikationen/materialien.html. November 2003.

• Franc Schmiedchen: Crude oil currency as example of strategic monetary policy. Petro euro as instrument of the civilian defense of multilateral structures.

http://www.vdw-ev.de/publikationen/materialien.html. July 2003.

Articles in category "Petroeuro"

We found here 69 articles.

Related Websites

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• Petroeuro - Wikipedia, the free encyclopedia
  Retrieved from "http://en.wikipedia.org/wiki/Petroeuro". Categories: Energy economics | Currency | Petroleum politics | Monetary hegemony ...


• The Observer | Business | When will we buy oil in euros
  But the past year has seen the quiet emergence of the 'petroeuro'. Effectively, the normal standards of economics have not applied to the US, because of the ...