Petrodollars

Petrodollars
All the purchase of oil from the OPEC has to be paid in dollars of U.S. If for example, Mexico wants to purchase oil, at first they haveto sellthe local currency and purchase U.S dollars, after this utilize those dollars to purchase oil from the OPEC. Any nation that purchases oil from the OPEC should do this by using petrodollars. These are also called petrocurrency.