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Petrodollar
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 "Petrocurrency" or (more commonly) "petrodollars" are popular shorthand for revenues from petroleum exports, mainly from the OPEC members plus Russia and Norway. Especially during periods of historically expensive oil, the associated financial flows can reach a scale of hundreds of billions of US dollar-equivalents per year – including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not. Currencies correlated wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petrodollar Recycling
Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). It generally refers to the phenomenon of major List of countries by oil exports, petroleum-exporting states, mainly the OPEC#Membership, OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of U.S. dollars per year – including a wide range of transactions in a variety of currencies, some Currency peg, pegged to the U.S. dollar and some not. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both global finance and petroleum politics. The phenomenon is most pronounced during periods when the price of oil is historically high. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC
The Organization of the Petroleum Exporting Countries (OPEC ) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize Profit (economics), profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of List of countries by oil production, global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.Organization of the Petroleum Exporting Countries. (2023). ''OPEC Annual Statistical Bulletin'' (58th ed.), 90 pages. Retrieved from https://asb.opec.org/. ISSN: 0475-0608. (See pages 7 and 22). In a series of steps in the 1960s and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroyuan
Petroyuan is a form of the official Chinese currency, the yuan intended at least initially for oil trading. On 26 March 2018, the Chinese government issued the first long term oil trading contracts denominated in petroyuans. This project exists to attempt to compete with the U.S. petrodollar as a main currency in crude oil transactions, whose hegemony has led the market since the dollar standard was first established in 1971, replacing the gold standard and giving the United States the power to manage most of the world's currency supply (around ~60%). History Since 1971, when U.S. President Richard Nixon ended the dollar convertibility to gold, many foreign currencies emerged trying to replicate the pre-1971 situation. An example of a petrocurrency backed by gold was a project by the Libyan leader Muammar Gaddafi, who released a project to create a multinational African currency, However, this project was discarded because he was overthrown by the United States and its allies duri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opec Oil Crises
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack in an ultimately unsuccessful attempt to recover the territories that they had lost to Israel during the 1967 Six-Day War. In an effort that was led by Faisal of Saudi Arabia, the initial countries that OAPEC targeted were Canada, Japan, the Netherlands, the United Kingdom, and the United States. This list was later expanded to include Portugal, Rhodesia, and South Africa. In March 1974, OAPEC lifted the embargo, but the price of oil had risen by nearly 300%: from US to nearly US globally. Prices in the United States were significantly higher than the global average. After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long-term effects on the glo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Currency
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency. The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and the first half of the 20th century. However, by the middle of the 20th century, the United States dollar had become the world's dominant reserve currency. History Reserve currencies have come and gone with the evolution of the world’s geopolitical order. International currencies in the past have (in addition to those discussed below) included the Greek drachma, coined in the fifth century BC, the Roman denarius, the Byzantine solidus, the Islamic dinar of the Middle Ages, and the French franc. The Ve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War II
World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the world's countries participated, with many nations mobilising all resources in pursuit of total war. Tanks in World War II, Tanks and Air warfare of World War II, aircraft played major roles, enabling the strategic bombing of cities and delivery of the Atomic bombings of Hiroshima and Nagasaki, first and only nuclear weapons ever used in war. World War II is the List of wars by death toll, deadliest conflict in history, causing World War II casualties, the death of 70 to 85 million people, more than half of whom were civilians. Millions died in genocides, including the Holocaust, and by massacres, starvation, and disease. After the Allied victory, Allied-occupied Germany, Germany, Allied-occupied Austria, Austria, Occupation of Japan, Japan, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iran
Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the northeast, Afghanistan to the east, Pakistan to the southeast, and the Gulf of Oman and the Persian Gulf to the south. With a Ethnicities in Iran, multi-ethnic population of over 92 million in an area of , Iran ranks 17th globally in both List of countries and dependencies by area, geographic size and List of countries and dependencies by population, population. It is the List of Asian countries by area, sixth-largest country entirely in Asia and one of the world's List of mountains in Iran, most mountainous countries. Officially an Islamic republic, Iran is divided into Regions of Iran, five regions with Provinces of Iran, 31 provinces. Tehran is the nation's Capital city, capital, List of cities in Iran by province, largest city and financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yuan (currency)
The yuan ( ; currency sign, sign: ¥; ; ) is the base unit of a number of former and present-day currency, currencies throughout Greater China, China. A ''yuan'' () is also known colloquially as a ''kuai'' (; originally a lump of silver). One ''yuan'' is divided into 10 ''jiao'' () or colloquially ''mao'' (). One ''jiao'' is divided into 10 ''fen'' (). Modern usage The term "yuan" usually refers to the primary unit of account of the renminbi (RMB), the currency of the People's Republic of China. RMB banknotes start at one Yuan and go up to 100 Yuan. It is also used as a synonym of that currency, especially in international contexts – the ISO 4217 standard code for renminbi is CNY, an abbreviation of "Chinese yuan". (A similar case is the use of the terms pound sterling, ''sterling'' to designate British currency and ''pound'' for the unit of account.) The symbol for the yuan (元) is also used in Chinese to refer to the currency units of Japan ''(Japanese yen, yen)'' and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euros
The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 1 euro cent coin, euro cents. The currency is also used officially by the institutions of the European Union, by International status and usage of the euro, four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. The euro is used by 350 million people in Europe and additionally, over 200 million people worldwide use currencies pegged to the euro. It is the second-largest reserve currency as well as the second-most traded currency in the world after the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many Federal Dependencies of Venezuela, islands and islets in the Caribbean Sea. It comprises an area of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. Venezuela is a presidential republic consisting of States of Venezuela, 23 states, the Venezuelan Capital District, Capital District and Federal Dependencies of Venezuela, federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the north and in the capital. The territory o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish dollar, Spanish silver dollar, divided it into 100 cent (currency), cents, and authorized the Mint (facility), minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallism, bimetallic standard of (0.7734375 troy ounces) fine silver or, from Coinage Act of 1834, 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important intern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum In The United States
Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil. Petroleum is a fossil fuel formed over millions of years from anaerobic decay of organic materials from buried prehistoric organisms, particularly planktons and algae, and 70% of the world's oil deposits were formed during the Mesozoic. Conventional reserves of petroleum are primarily recovered by drilling, which is done after a study of the relevant structural geology, analysis of the sedimentary basin, and characterization of the petroleum reservoir. There are also unconventional reserves such as oil sands and oil shale which are recovered by other means such as fracking. Once extracted, oil is refined and separated, most easily by d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
