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Imports refer to goods and services purchased from another country. For instance, industrialized countries usually import oil from OPEC countries. The term
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Related Terms
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The Organization of the Petroleum Exporting Countries, also known as “OPEC,” is an intergovernmental...
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GDP stands for Gross Domestic Product. GDP is the total value of the goods and services produced in a...
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Petrodollars are oil revenues denominated in U.S. dollars. They are the primary source of revenue for many...
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A petrocurrency is a currency of an oil-producing country whose oil exports as a share of total exports are...
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WTI is a specific grade of crude oil and is one of three major oil benchmarks used by those trading oil...
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