Wed, 2019-Oct-16 01:40 UTC
Length - 2:04
Welcome to popular Wiki of the Day where we read the summary of a popular Wikipedia page every day.
With 1,174,037 views on Tuesday, 15 October 2019 our article of the day is 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 petroleum-exporting nations, mainly the 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 US dollars per year – including a wide range of transactions in a variety of currencies, some pegged to the US 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 term petrodollar was coined in the early 1970s during the oil crisis, and the first major petrodollar surge (1974–1981) resulted in more financial complications than the second (2005–2014). In August 2018, Venezuela declared that it would price its oil in Euros, Yuan and other currencies.
This recording reflects the Wikipedia text as of 01:40 UTC on Wednesday, 16 October 2019.
For the full current version of the article, see Petrodollar recycling on Wikipedia.
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