Chris Cook

The “Iran Oil Bourse” project, beloved of Internet conspiracy theorists, has taken on something of a mythical character, not unlike the Loch Ness Monster, with persistent sightings but an absence of actual manifestation. Hopefully this article will both dispel the myths, and set the scene for what is potentially an extremely important development, particularly for the Islamic world.

It is said that there is the reason they give; and then there is the real reason. Nowhere is this more true, perhaps, than Iran.

… The requirement is therefore for an Energy “Clearing Union” comprising all market participant constituencies whether producers, consumers or intermediaries, constituted as an “International Energy Trade Association” (“IETA”) and served by a consortium of providers of services such as communications, technology, risk management and so on.