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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.
Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports (" petrodollars "). [3] It generally refers to the phenomenon of major petroleum-exporting states, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in ...
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 ...
Terraxos () 22:40, 3 July 2008 (UTC) [ reply. Keep distinct or mrege to petrodollar. "Petrodollars" meaning OPEC supluses piling up in banks in the late 1970s and early 1980s was the original use, though it was not all in US dollars. The main context was the need for petrodollar recycling aimed at getting this money back into the international ...
Petrology. A thin section of a volcanic sand grain seen under the microscope, with plane-polarized light in the upper picture, and cross-polarized light in the lower picture. Scale box is 0.25 mm. Petrology (from Ancient Greek πέτρος (pétros) 'rock' and -λογία (-logía) 'study of') is the branch of geology that studies rocks, their ...
A currency[a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1][2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3] Under this definition, the British ...
Petrophysics (from the Greek πέτρα, petra, "rock" and φύσις, physis, "nature") is the study of physical and chemical rock properties and their interactions with fluids. [1] A major application of petrophysics is in studying reservoirs for the hydrocarbon industry. Petrophysicists work together with reservoir engineers and ...
Upstream (petroleum industry) The oil and gas industry is usually divided into three major sectors: upstream (or exploration and production - E&P), midstream and downstream. [1][2] The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently ...