#petrocurrency

Petrocurrency

Financial asset backed by a country's revenues from petroleum exports

Petrocurrency is a word used with three distinct meanings, often confused:Dollars paid to oil-producing nations —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. Pricing of oil in US dollars: currencies used as a unit of account to price oil in the international market.

Thu 29th

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