The benefits of petro-dollar diversification

- By FX Markets Staff
- @FXMarkets_
- 31 Oct 2005

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BACKGROUND: Opec oil revenues are likely to reach US$630 billion this year. Provided that the oil price remains at current levels and assuming constant output volumes, revenues will reach nearly US$630 billion, representing an increase of US$200 billion. Last year, Opec oil revenues increased by US$90 billion, suggesting that the rise of revenues has been exponential.

The previous Opec oil revenues record was US$566 billion for the year 1980. At that time, Opec’s share of global currency

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