Glossary Term


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The global crude oil market is priced in US dollars, which means that anybody wanting to buy oil must have US dollars to exchange for it and anybody selling crude oil on the global market must necessarily receive US dollars in return for it. Coined by Ibrahim Oweiss during the OPEC oil crisis of 1973, the term was originally used to refer to the dynamic of Middle-Eastern oil producers accumulating US dollars in return for their oil stores. It has since been broadened to refer to any oil exporting country that accrues dollars in return for its oil.

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