Petrocurrency
Financial asset backed by a country's revenues from petroleum exports / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Petrocurrency?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
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.[1]
- 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).[2]
- Pricing of oil in US dollars: currencies used as a unit of account to price oil in the international market.[3]