Petrodollars

The capture of Venezuelan President by US has renewed attention on the declining influence of the petrodollar amid changing global oil trade dynamics.

  • Petrodollars are the form of currency that is paid globally for oil.
  • The petrodollar system is essentially the global practice of exchanging oil for US dollars, rather than any other currency.
  • This means that no matter what country is buying the oil, they pay the oil-producing country in petrodollars, which are denominated in US dollars.
  • Emerging in the 1970s, they reshaped trade balances for oil-rich nations, highlighting the dollar's dominance in global ....
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