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If this Iranian Oil Bourse (IOB) turns into any kind of free trade arena - it would lessen the grip of OPEC and lead to lower prices if anything..
Geenbacks and Pounds and Euros and Yen and the rest are not backed by anything but owners faith that they will keep their value. Not by gold, not by any objective standard or negotiated rate. Totally free flowing across the world. (Cuba and North Korea dont count.)
If the Iranians sold their oil on the cheap in Euros their would be a million traders jumping in to make the spread.
Not that the price of energy does not have an effect on economic output - but the currency that country X uses to buy oil from country Y has little to do with anything.
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