Revenues of oil-producing countries from the international sale of crude oil; crude oil has so far been priced worldwide in USD. The producing countries use a large part of the oil revenues to purchase industrial goods. This “recycling of petrodollars” benefits above all the states of the Eurozone and here again especially Germany. – See biofuels, dollar, oil-food nexus, oil price, oil price shocks, commodity prices, shocks, structural, electricity price, second-round effects. – Cf. ECB Monthly Bulletin, May 2005, pp. 11 ff, ECB Annual Report 2005, pp. 77 ff. (recycling of petroleum revenues broken down), ECB Monthly Report of April 2007, pp. 62 ff. (effects of recycling of petrodollars on euro area exports; overviews), ECB Monthly Report of July 2007, pp. 85 ff. (key data relating to oil-exporting countries; overviews), ECB Monthly Report of August 2010, pp. 91 ff. (recycling of petroleum revenues; overviews).
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