Reuters kicked it off this morning.....
Then Zero Hedge took up the running
A fascinating article by Reuters this morning really brings to bear the reality that Greece faces as lenders and trade creditors refuse to help (and why should they realistically) with energy needs.
Then we saw some typically creative comment from FT Alphaville
Whatever the case, if Greece's other options for imports of crude are drying up, and given that European leaders have fanned the flames by not ruling out a Greek exit from the euro, isn't there a problem forming here? And won't it eventually start to impact other Greek commodity and trade deals too?
This is of particular interest to me since I have just returned from a very productive week in Iran - my fifth visit - where I was a plenary speaker at the annual oil ministry think tank conference.
Here's my presentation, outlining the inevitable collapse in the financialised crude oil price and a Transition through Gas
I spoke immediately after the OPEC Secretary General, and the 'Gas OPEC' (GECF) Secretary General, Leonid Bokhanovsky but before the (woman) Iranian Vice President.
My colleague and co-conspirator, Sam Barden - a Dubai-based Australian broker/trader with ten years' experience in Russia - then outlined in detail the possible financing and funding options arising out of unitisation of natural gas, which he proceeded to write up in his regular RIA Novosti column
The next morning I had breakfast with Mr Bokhanovsky, and he invited me to submit a proposal for an extension to the GECF's existing (but rather limited) Gas Market Model, which I have now done.
After several days' meetings in Tehran with many and varied officials and senior managers, there's a fighting chance that at next week's GECF ministerial meeting...
.....this Transition Through Gas proposal - which essentially aims to monetise gas, by reference to an energy standard of exchange - might just get a following wind for development, initially through the creation of a Caspian benchmark price.
The meme which really appeared to get traction was this.....
.....rather than oil priced against the dollar, and then gas priced against oil, why not price oil and dollars against gas?