Flag of IranIran plays a strong hand in the global petroleum market:

Iran Opens Its 1st Oil Products Bourse

TEHRAN, Iran (AP) — Iran established its first oil products bourse Sunday [February 17, 2008] in a free trade zone on the Persian Gulf Island of Kish, the country’s oil ministry said.

… Oil and petrochemical products will be traded in Iranian Rials, as well as all other hard currencies, the statement quoted Iranian Oil Minister Gholam Hossein Nozari as saying. About 20 brokers are already active in the market, it said.

… Iran has already registered for another oil bourse, in which it has said it hopes to trade oil in Euros instead of dollars ….

- Associated Press @ Google: Iran Opens Its 1st Oil Products Bourse.

See also:

Iran: Goodbye Dollar, Hello Euro

Interview with Chris Cook, inventor of the Iran Oil Bourse