"While there are three other major U.S. dollar-denominated oil markets in the world, there are just two major oil bourses: the New York Mercantile Exchange (NYMEX) in New York City, and the Intercontinental Exchange (ICE) in London and Atlanta.
Iran sits on one of the largest oil and gas reserves in the world, and its plan is to develop a fourth oil market where U.S. dollars are not accepted for oil trade. In fact, Iran has proposed the creation of a Petrochemical Exporting Countries Forum (PECF), aimed at financial and technological cooperation. The British newspaper The Guardian cites Iran, Saudi Arabia, UAE, Russia, Qatar and Turkey as potential members."
from worcester telegram...
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