Petrocurrency facts

a portmanteau neologism used with three distinct meanings, though often confused

created by factobot on December 26, 2008
Since the agreements of 1971 and 1973, OPEC oil is exclusively quoted in US dollars
1971 currency used
created by factobot on December 26, 2008
Trading surpluses of oil producing nations, originally called petrodollars

created by factobot on December 26, 2008
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)

created by factobot on December 26, 2008
Currencies used as a unit of account to price oil in the international market

created by factobot on December 26, 2008
With the large rise in oil prices in the 1970s, there was concern that the world economy might contract if the oil producers extracted money and failed to recycle it back to oil consumers
oil producer
created by factobot on December 26, 2008
The pound sterling has sometimes been regarded as a petrocurrency thanks to North Sea oil exports
correlated currency
created by factobot on December 26, 2008

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