An oil bourse is a
commodities exchange
A commodities exchange is an exchange, or market, where various commodities are traded. Most commodity markets around the world trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton, cocoa, coffee, ...
where energy commodities such as
crude oil
Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring u ...
and
natural gas
Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...
are traded. Examples include the
New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. ...
and the
Intercontinental Exchange
Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the ...
.
In 2005, an
Iranian oil bourse
The Iranian Oil Bourse (), International Oil Bourse, Iran Petroleum Exchange Kish Exchange or Oil Bourse in Kish (IOB; the official English language name is unclear) also known as Iran Crude Oil Exchange, is a Commodities exchange, commodity excha ...
was announced and promised to offer an alternative to trading oil in
petrodollars, using instead the
petroeuro
Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused:
#Dollars paid to oil-producing nations (petrodollar recycling)—a term invented in the Opec oil crises, 1970s meaning trading surpluses of oil-producing n ...
as its trading currency. Despite several attempts to implement it over one and a half decades, the Iranian oil bourse never got off the ground and in January 2020 was officially cancelled.
References
Commodity exchanges
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