Petrodollars

From The Free Forex Encyclopedia

Revision as of 03:58, 13 July 2011 by Anne (Talk | contribs)
Jump to: navigation, search

All oil purchases from OPEC must be paid in U.S. dollars. If Mexico wants to buy oil, it has to sell its local currency and buy U.S. dollars, then use those dollars to buy oil from OPEC.

Any country that buys oil from OPEC must do so using petrodollars.

Petrodollars are also known as petrocurrency.

"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results."
Michael Jordan
Clicky Web Analytics