petrodollar

British  

/ ˈpɛtrəʊˌdɒlə /

noun

1. money, paid in dollars, earned by a country for the exporting of petroleum

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Example Sentences

A secondary, but growing, advantage was China’s erosion of the petrodollar system External link, which refers to the dollar-denominated global oil trade.

From Barron's

The kingdom has been carefully hedging between Washington and Beijing— deepening economic ties with China External link while preserving its security relationship with the U.S. and continuing to anchor the petrodollar system with its oil exports.

From Barron's

Citgo and its three U.S. refineries, which today have a combined total refining capacity of about 807,000 barrels a day, became a critical source of petrodollar revenue for Maduro’s government.

From The Wall Street Journal

But the other major implication is that the petrodollar system just got a big boost.

From MarketWatch

"If they can bring in the oil producer countries that will be key, given the petrodollar system," said William Gumede, a South African political analyst who has written extensively on BRICS.

From Reuters