ZenOps
01-10-2011, 05:57 PM
http://economictimes.indiatimes.com/news/news-by-industry/energy/oil--gas/india-iran-mull-over-gold-for-oil-for-now/articleshow/7238760.cms
"We have written a letter to NIOC ( National Iranian Oil Company )) asking it to suggest a bank where US sanctions are not applicable,"
"Oil industry officials are keenly awaiting a solution as India imports 80% of the 184 million tonne of crude oil it refines every year, and Iran accounts for 16% of these purchases, making it the second-biggest supplier, after Saudi Arabia."
Looks like India is getting tired of the US telling them they can't buy Iranian oil.
India will have a huge leg up on the US if they pay for supplimentary oil with Gold. Iran would greatly prefer Gold to Rupee or Rubles (of course US dollars are out of the question)
Although I have to wonder how much gold reserves India actually has, the US has ~8,000 tonnes of gold (which sounds like a lot, but its entire sell value is half of what they printed up in Quantitative easing II)
I wonder what the ratio would be if they went ahead with this measure? 1 ounce gold to 15 bbl oil?
"We have written a letter to NIOC ( National Iranian Oil Company )) asking it to suggest a bank where US sanctions are not applicable,"
"Oil industry officials are keenly awaiting a solution as India imports 80% of the 184 million tonne of crude oil it refines every year, and Iran accounts for 16% of these purchases, making it the second-biggest supplier, after Saudi Arabia."
Looks like India is getting tired of the US telling them they can't buy Iranian oil.
India will have a huge leg up on the US if they pay for supplimentary oil with Gold. Iran would greatly prefer Gold to Rupee or Rubles (of course US dollars are out of the question)
Although I have to wonder how much gold reserves India actually has, the US has ~8,000 tonnes of gold (which sounds like a lot, but its entire sell value is half of what they printed up in Quantitative easing II)
I wonder what the ratio would be if they went ahead with this measure? 1 ounce gold to 15 bbl oil?