petrocurrency
Sign in to savePetrocurrency (or petrodollar) is a word used with three distinct meanings, often confused:
~7 min read
Encyclopedic overview
13 sectionsContents
- Oil-producers' trading surpluses
- Currencies correlated with oil prices
- Currencies used to trade oil
- World War II to 1970
- 1970 to 2000
- Iran
- OPEC and shale oil boom
- Venezuela
- China
- See also
- References
- Further reading
- External links
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 1970s meaning trading surpluses of oil-producing nations. Currencies of oil-producing nations which tend to rise in value against other currencies when the price of oil rises (and fall when it falls). Pricing of oil in US dollars: currencies used as a unit of account to price oil in the international market.
==Oil-producers' trading surpluses==
Excerpted from Wikipedia’s “petrocurrency” article, available under the CC BY-SA 4.0 licence.