For a broader term with multiple meanings, see, CS1 maint: bot: original URL status unknown (, Shor, Francis. mais n'ont prospérées qu'après le quadruplement des prix du pétrole entre 1973 et 1974. Le recyclage des pétrodollars soutient l’économie mondiale. Mais le recyclage des pétrodollars fut au prix d’un gonflement de la dette nationale et d’une chute de la notation des obligations, qui Another component of the hypothesis is that the price of petroleum is more stable in the U.S. than anywhere else since importers do not need to worry about exchange rate fluctuations. [fre] Les transactions sur le marché des pétrodollars sont apparues avant le premier choc pétrolier, mais n'ont prospéré qu'après le quadruplement des prix du pétrole entre 1973 et 1974. La fin de la chaîne du recyclage des pétrodollars affectera grandement le monde des affaires. BibTex; Full citation; Abstract. As the price of oil can be an important political factor, U.S. administrations are quite sensitive to the price of oil. On parle de « recyclage des pétrodollars » pour désigner les différents canaux par lesquels les pays producteurs réinjectent les excédents du pétrole dans l’économie mondiale. Developing economies generally stayed better balanced than they did in the 1970s; the world economy was less oil-intensive; and global inflation and interest rates were much better contained. Le marché de l'eurodollar de Londres a canalisé leurs. "The beginning of the end of the petrodollar: What connects Iraq to Iran. [6], The term petrodollar was coined in the early 1970s during the oil crisis, and the first major petrodollar surge (1974–1981) resulted in more financial complications than the second (2005–2014). L'émergence des pétrodollars est la conséquence des chocs pétroliers de 1973 et de 1978-79. des recettes substantielles et en ont placé une partie auprès de banques à l’étranger, ce qui explique l’accroissement des dépôts auprès des banques déclarantes. Entre 1974 et 1981, le total des excédents de compte courant pour tous les pays membres de l'OPEP est estimé à 450 milliards de dollars (dont 90 % aux pays arabes du golfe Persique, Libye et Iran ...). [55], Over the years, multiple scholars expressed the view that the Iraq War was conducted to re-assert the dollar hegemony in the wake of Saddam Hussein's attempts to switch from petrodollar in the oil trade and to sell Iraqi oil in exchange for other currencies or commodities.[56][57][58]. La dernière modification de cette page a été faite le 20 octobre 2018 à 00:58. [27] Some oil exporters were unable to reap the full benefits, as the national economies of Iran, Iraq, Libya, Nigeria and Venezuela all suffered from multi-year political obstacles associated with what economists call the "resource curse". [43] Because most countries rely on oil imports, they are forced to maintain large stockpiles of dollars in order to continue imports. Cite . liste des pays par exportation de pétrole, Liste des pays par exportation de pétrole, Organisation des pays exportateurs de pétrole, Plan d'approvisionnement, de production et de distribution du pétrole, Reinventing the System (1972-1981) sur le site www.imf.org, Petrodollars, emerging markets and vulnerability sur www.un.org, Classification des hydrocarbures liquides, https://fr.wikipedia.org/w/index.php?title=Recyclage_des_pétrodollars&oldid=153206445, licence Creative Commons attribution, partage dans les mêmes conditions, comment citer les auteurs et mentionner la licence. L'importance des problèmes à long terme qui se posent au niveau du recyclage des pétrodollars, du financement de l'énergie et du développement alimentaire nécessite une concertation internationale réunissant consommateurs et producteurs conscients de leurs droits mais aussi de leurs responsabilités. "[16] The IMF administered a new lending program during 1974–1976 called the Oil Facility. Recyclage des pétrodollars Le système de pétrodollars crée également des excédents de réserves en dollars américains pour les pays producteurs de pétrole, qui doivent être "recyclés". [53] Muammar Gaddafi of Libya had tried to implement the gold-for-oil plan in 2011[54] and the introduction of a Libyan gold dinar. [2] Beyond the OPEC countries, substantial surpluses also accrued to Russia and Norway,[10] and sovereign wealth funds worldwide amassed US$7 trillion by 2014–2015. L'instabilité potentielle des pétrodollars avait suscité des craintes relatives à leur recyclage. Les banques d'investissement du secteur financier mondial, ont investi en partie ces importants excédents dans d'importants prêts financiers difficiles à rembourser, aux pays en développement surendettés par la crise pétrolière de 1973, en particulier d'Amérique centrale et d'Amérique du Sud, dont le Brésil, l'Argentine, le Mexique, la Turquie (qui accusent les organismes financiers de prêts internationaux de néocolonialisme) ... Ce processus a contribué au développement de l'Euro / pétroeuro, pour concurrencer le dollar américain (géopolitique du pétrole, guerre économique par pétrodollars)... Un article de Wikipédia, l'encyclopédie libre. [14][31][32] Oil exporters have also aided poorer nations indirectly through the personal remittances sent home by tens of millions of foreign workers in the Middle East,[33] although their working conditions are generally harsh. Le prélèvement opéré par les pays producteurs sur les pays consommateurs du fait de la hausse des cours du pétrole n'est pas une perte sèche pour le reste des … L’augmentation de la dette des pays en développement dans les années 1970 explose. A Paris, l’Ambassadeur du Qatar Mohammad al-Qawari annonce que les Fonds souverains qataris évaluent l’opportunité d’investir €10md dans les sociétés industrielles françaises, un recyclage bienvenu des pétrodollars dans l’économie française, après l’annonce d’un fond pour financer le développement des banlieues, et après une série … Et brusquement, cette richesse accrue s'est placée pour bonne part aux Etats-Unis, on l'a vu avec le phénomène des "fonds souverains". It's about the US and Europe going head-to-head on world economic dominance", "Iraq returns to international oil market", What the Iran 'nuclear issue' is really about, Why Iran's oil bourse can't break the buck, "Gaddafi gold-for-oil, dollar-doom plans behind Libya 'mission'? Le Fonds monétaire international (FMI) estime que la dette extérieure des 100 pays en développement importateurs de pétrole a augmenté de 150 % entre 1973 et 1977 à cause de l'importante augmentation du cours du pétrole (premier choc pétrolier entre 1971 et 1978). Le recyclage des pétrodollars . Oil exporters opted to make most of their investments directly into a diverse array of global markets, and the recycling process was less dependent on intermediary channels such as international banks and the IMF. The International Monetary Fund estimates that oil exporters' current-account surplus could reach $400 billion, more than four times as much as in 2002. de capitaux, qui a permis notamment le recyclage des pétrodollars après 1973, le marché des crédits syndiqués n’a cessé de s’accroître et dépasse aujourd’hui, en volume, celui des crédits bilatéraux. 12 Outre la dynamique chinoise, c’est le recyclage de la rente pétrolière qui stimule fortement les exportations allemandes. Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). Pou… Pas encore dans l’histoire, mais plus dans l’actualité, cet épisode reste dans un angle mort, si bien que les économistes et les juristes qui ont travaillé sur les crises en Argentine (2001-2015) et en Grèce (2009-2015) ignoraient généralement comment des problèmes similaires avaient été traités dans les années 1980. financent des pays qui, eux, sont en besoin de financement. This creates a consistent demand for USDs and ostensibly supports the USD's value, regardless of economic conditions in the United States. )[11][12][13] These petrodollar surpluses could be described as net US dollar-equivalents earned from the export of petroleum, in excess of the internal development needs of the exporting nations. Entre la fin des années 1970 et le début des années 1980, les États gros producteurs de pétrole (liste des pays par exportation de pétrole) tels que l'Arabie saoudite, le Koweït et le Qatar ont amassé de très importants excédents de pétrodollars, investis dans les banques d'investissement du secteur financier mondial, au détriment de leur développement local (économie du Moyen-Orient). Curieusement, ce récit largement accepté a été peu enrichi depuis les années 1990. Le recyclage des pétrodollars. The 1973 oil crisis had created a vast dollar shortage in these countries; however, they still needed to finance their imports of oil and machinery. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both global finance and petroleum politics. Several commentators writing contemporaneously with the buildup to the invasion[47][48][49] linked Iraq's Nov 2000 re-denomination of oil from USD to euros and the possibility of more widespread adoption of the euro as an oil pricing standard to the risk that that would place on the post-Bretton Woods use of the USD as the international reserve currency and the impact that that would have on the US economy, and theorised that one of the fundamental purposes for war in Iraq would be to force Iraq to revert to pricing its oil in USD. After the U.S. invaded Iraq in 2003, Iraq returned the denomination of its oil sales to the US dollar, despite the greenback's then-fall in value.[50]. Opinions ; Le nouveau recyclage des pétrodollars Chronique. Les transactions sur le marché des pétrodollars sont apparues avant le premier choc pétrolier, mais n'ont prospéré qu'après le quadruplement des prix du pétrole entre 1973 et 1974. [52] In mid-2006 Venezuela indicated "support" of Iran's decision to offer global oil trade in the euro currency. The theory points out that a stronger USD also means that goods imported into the United States are relatively cheap (although the country's exports become relatively more expensive for the rest of the world). The Kuwait Fund was an early leader since 1961, and certain Arab nations became some of the largest donors in the years since 1974, including through the IMF and the OPEC Fund for International Development. Aujourd’hui, les pays pétroliers semblent plus prudents que dans les années 70. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reac… Oil exporters' preference for investing their petrodollars in the United States has alleviated pressures on the cost of funds from high oil price-driven outflows of dollars (Chart 9). A la durabilité des ressources sensibles, le recyclage et l'impact environnemental réduit. Car si le … Also, the switch would create "cumbersome new administrative processes" because Baghdad decided to keep also its existing deposits in dollars, which meant that the oil-for-food program would maintain two accounts, one in dollars and one in euros.[46]. "War in the era of declining US global hegemony. Le « recyclage » des pétrodollars. It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. [44] In a series of meetings, the United States — represented by then U.S. Secretary of State Henry Kissinger — and the Saudi royal family made an agreement. Conséquence de l’adhésion de la Grande-Bretagne au Marché commun, la convention de Lomé a été signée le 28 février après plus de vingt mois de négociations. [8][9], Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from historically expensive oil. Fadi Assaf. [5] The phenomenon is most pronounced during periods when the price of oil is historically high. [14], Large volumes of Arab petrodollars were invested directly in US Treasury securities and in other financial markets of the major industrial economies, often directed discreetly by government entities now known as sovereign wealth funds. TD de 5 pages en économie internationale : Le recyclage des pétrodollars. dollar. ", "The colossal wealth of Manchester City and Chelsea is changing the landscape of British football", "The Logic of Extremism: How Chávez Gains by Giving Cuba So Much", "Emirates Has Invested $500 Million to Build a 'Fort Knox' of Wine", "Oger Telecom signs $6.55 bln Turk Telekom deal", "Abu Dhabi buys 75% of Chrysler Building in latest trophy purchase", "Abu Dhabi Buys 90% Stake in Chrysler Building", "U.N. panel voices concern over Iran's apparent violations of arms-export embargo", "Iranian Official Admits Tehran Supplied Missiles to Hezbollah", "The U.S.–Saudi Arabian Joint Commission on Economic Cooperation", International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=Petrodollar_recycling&oldid=1017470309, Articles with self-published sources from December 2017, CS1 maint: bot: original URL status unknown, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 April 2021, at 23:01. L’institution de la syndication bancaire a été mise en place, à l’origine, aux Etats Unis. The United States would offer military protection for Saudi Arabia's oil fields, and in return the Saudis would price their oil sales exclusively in United States dollars (in other words, the Saudis were to refuse all other currencies, except the U.S. dollar, as payment for their oil exports). The phrase oil currency war is sometimes used with the same meaning. Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). for their energy needs. The EU could also theoretically accrue the same benefits if the euro replaced the dollar. [35][36][37][38], High-priced oil allowed the USSR to support the struggling economies of the Soviet bloc during the 1974–1981 petrodollar surge, and the loss of income during the 1980s oil glut contributed to the bloc's collapse in 1989. [4] The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of US dollars per year – including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not. By 1975, all of the oil-producing nations of OPEC had agreed to price their oil in dollars and to invest surplus oil proceeds in U.S. government debt securities in exchange for similar offers by the U.S.[45], In 2000, Iraq converted all its oil transactions under the Oil for Food program to euros,[46] even though the move was deemed by analysts to "fly in the face of financial logic",[46] since it meant that Iraq would earn less interest on its oil revenues, which were held in a UN-monitored escrow account in New York. [14] The surpluses could not be efficiently invested in their own economies, due to small populations or being at early stages of industrialization; but the surpluses could be usefully invested in other nations, or spent on imports such as consumer products, construction supplies, and military equipment. In 2005, William Roberts Clark, Professor and Faculty Associate, Political Science Department, Center for Political Studies, University of Michigan, Ann Arbor, published a work which claimed that a "petrodollar warfare" was under way between mainly the euro and the United States dollar waged in the field of world petroleum trade. The term petrodollar warfare refers to the theory that the motivation of US military offensives is to preserve by force the status of the United States dollar as the world's dominant reserve currency and as the currency in which oil is priced. How do the petrodollars effect the United States Dollar and the economy? The petrodollar system originated in the early 1970s in the wake of the Bretton Woods collapse. … Le mirage du recyclage des pétrodollars. Dans une perspective de longue durée, le flux de recyclage des pétrodollars dans le système financier international au cours du présent CC0 L'ère du recyclage des pétrodollars touche à sa fin car les changements technologiques et la politique internationale la rendent redondante, ce qui signifie que les Etats-Unis d’Amérique entrent dans une période instable. Ninety percent of this surplus was accumulated by the Arab countries of the Persian Gulf and Libya, with Iran also accumulating significant oil surpluses through 1978 before suffering the hardships of revolution, war and sanctions. POLITIQUE ÉTRANGÈRE / 693 Yves LAULAN * PÉTROLE, RECYCLAGE ET PÉTRODOLLARS DANS LES ANNÉES 80 Les ont du augmentations pétrole. "[20] As political journalist William Greider summarized the situation: "Banks collected the deposits of revenue-rich OPEC governments and lent the money to developing nations so they could avoid bankruptcy. The term was coined by William R. Clark, who has written a book with the same title. [3] It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. Le recyclage des pétrodollars se réfère aux recyclage / spéculation monétaire dans le système monétaire international, des milliards de dollars d'excédents de pétrodollars du marché pétrolier, entre pays producteurs de pétrole (en particulier les membres de l'OPEP) et pays importateurs de pétrole et dépendants, en particulier américain et occidentaux (géopolitique du pétrole). [1][2][10] (The word has been credited alternately to Egyptian-American economist Ibrahim Oweiss and to former US Secretary of Commerce Peter G. Peterson, both in 1973. Le recyclage des pétrodollars se réfère aux recyclage / spéculation monétaire dans le système monétaire international, des milliards de dollars d'excédents de pétrodollars du marché pétrolier, entre pays producteurs de pétrole (en particulier les membres de l'OPEP) et pays importateurs de pétrole et dépendants, en particulier américain et occidentaux (géopolitique du pétrole). [30], Oil-exporting countries have used part of their petrodollar surpluses to fund foreign aid programs, as a prominent example of so-called "checkbook diplomacy" or "petro-Islam". ", Gokay, Bulent. [18][19] Many billions of petrodollars were also invested through the major commercial banks of the US and Europe. . excédents de paiements des pays de l'Opep. Ce document a été mis à jour le 12/10/2009 The Recycling of Petrodollars The trading market for the petrodollar revenues emerged before the first oil price crisis, but did not blossom before the quadrupling of … En 1974 Johan Witteveen, directeur général du FMI, déclare « le système monétaire international est confronté à sa période la plus difficile depuis la Grande Dépression des années 1930 ». As a result, the U.S. government, according to this theory, can run higher budget deficits at a more sustainable level than most other countries can. 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As retaliation to this policy, which is seen by Tehran as "neoimperialism",[51] Iran made an effort to create its own bourse, which started selling oil in gold, euros, dollars, and Japanese yen. The Government of the Islamic Republic of Iran ostensibly takes this theory as fact. In early 1977, when Turkey stopped heating its prime minister's office, opposition leader Suleyman Demirel famously described the shortage as: "Turkey is in need of 70 cents. Johan Witteveen, the Managing Director of the IMF, said in 1974: "The international monetary system is facing its most difficult period since the 1930s. Funded by oil-exporting nations and other lenders, it was available to nations suffering from acute problems with their balance of trade due to the rise in oil prices, notably including Italy and the UK as well as dozens of developing countries. ", Petrodollar Warfare website of William R. Clark, "Major Foreign Holders of Treasury Securities", "Kuwait Investment Authority says to expand Germany investments", "KIA/Daimler 40th Anniversary Celebrations", "Soviet foreign policy from détente to Gorbachev, 1975–1985", "Harrod's New Owner: Mohamed al-Fayed; A Quiet Acquisitor Is Caught in a Cross Fire", "Mohammed Fayed sells Harrods store to Qatar Holdings", "Roman Abramovich reaches 700 games as Chelsea owner – but how does his reign stack up against the rest? [42] Accordingly, almost all oil sales throughout the world are denominated in United States dollars (USD). "[21] In subsequent decades, many of these developing nations found their accumulated debts to be unpayably large, concluding that it was a form of neocolonialism from which debt relief was the only escape. Le marché, peu taxé et peu réglementé, des dépôts, obligations et prêts en dollars de Londres, la. Downloadable! President Richard Nixon and his Secretary of State, Henry Kissinger, feared that the abandonment of the international gold standard under the Bretton Woods arrangement (combined with a growing US trade deficit, and massive debt associated with the ongoing Vietnam War) would cause a decline in the relative global demand of the U.S. Eric Le Boucher. Alternatively, global economic growth would have suffered if that money was withdrawn from the world economy, while the oil-exporting nations needed to be able to invest profitably to raise their long-term standards of living. [24][25][26], Thanks to the historic oil price increases of 2003–2008, OPEC revenues approximated an unprecedented US$1 trillion per year in 2008 and 2011–2014. Political competitors of the United States therefore have some interest in seeing oil denominated in euros or other currencies. provoqué Cette ce qu'on crise du prix peut est du néanmoins appeler pétrole la intervenues deuxième différente crise de en la historique 1979-1980 première À la suite de la flambée des prix du pétrole (qui passe d'environ 1,90 USD le baril en 1972 à 34 USD en 1981, et est à plus de 140 USD en 2008), les bénéfices des … According to proponents of the petrodollar warfare hypothesis, this in turn allegedly allows the US government to gain revenues through seignorage and by issuing bonds at lower interest rates than supposedly they otherwise would be able to. [17], From 1974 through 1981, the total current account surplus for all members of OPEC amounted to US$450 billion, without scaling-up for the subsequent decades of inflation. What would happen if the gas would no longer be exchanged in dollars? [15], While petrodollar recycling reduced the short-term recessionary impact of the 1973 oil crisis, it caused problems especially for oil-importing countries that were paying much higher prices for oil, and incurring long-term debts. These images illustrate the diversity of major petrodollar recycling activities, in roughly chronological order: US Treasury securities, approximately $300 billion accumulated by OPEC governments during 1960–2015[59], German vehicle factory for Daimler, whose largest consistent shareholder since 1974 has been Kuwait[60][61], Itaipu Dam between Brazil and Paraguay, financed by loans from petrodollar bank deposits in the 1970s[62][self-published source], Pakistan's Faisal Mosque, constructed 1976–1986, a gift from Saudi Arabia's King Faisal[63], Western grain, heavily imported by the Soviet Union to ease food shortages in the 1970s and 1980s[64], American-built F-15 fighter jet, one of dozens owned by the Royal Saudi Air Force since 1981[65], Harrods department store in London, under Arab ownership since 1985[66][67], London's Chelsea Football Club, Russian-owned since 2003 through the Sibneft oil fortune[68][69][70], "Oil for doctors" program, with thousands of Cuban physicians anchoring the Venezuelan health system from 2004[71], Bottles of premium French wine, millions of which were purchased by Dubai-owned Emirates airline since 2005[72], Turkish Telecom Corp., whose control was privatized to the Saudi Oger organization in 2005 with IMF support[73], New York's Chrysler Building, 90% owned by the Abu Dhabi Investment Council since 2008[74][75], Iranian weapon shipments to Lebanon and Syria, including over 300 tons intercepted in 2009[76][77], Cézanne painting, purchased in 2011 by the Royal Family of Qatar for a record-setting price above US$250 million[78], Toyota vehicles in Kuwait, where the Japanese automaker holds a dominant market share[79], This article is about the trade surpluses of oil-exporting nations. Publié le 14 juin 2008 à 15h07 - Mis à jour le 14 juin 2008 à 15h07 Temps de Lecture 4 min. The United States dollar remains de facto world currency. C’est le marché des eurodollars qui sert de circuit de financement international et va donc permettre le « recyclage » des pétrodollars. Le recyclage des pétrodollars Le « recyclage des pétrodollars » avait fait naître des craintes dans les années qui ont suivi le premier choc pétrolier. [39] During the 2005–2014 petrodollar surge, OPEC member Venezuela played a similar role supporting Cuba and other regional allies,[40] before the 2014–2017 oil downturn brought Venezuela to its own economic crisis.[41]. Since the U.S. imports a great deal of oil, its markets are heavily reliant on oil and its derivative products (jet fuel, diesel fuel, gasoline, etc.) [28][29] Most of the other large exporters accumulated enough financial reserves to cushion the shock when oil prices and petrodollar surpluses fell sharply again from an oil supply glut in 2014–2017. Kristian Rouz - La montée en puissance du protectionnisme économique et du nationalisme dans la politique ces dernières années, y … [22], In the 2005–2014 petrodollar surge, financial decision-makers were able to benefit somewhat from the lessons and experiences of the previous cycle. Cependant, avant que les effets des pétrodollars sur le dollar américain puissent être examinés, une brève leçon d'histoire s'impose. [7], In August 2018, Venezuela declared that it would price its oil in Euros, Yuan and other currencies. Un montant équivalent a été déposé dans les banques occidentales, qui l'ont transformé en prêts à moyen … The International Monetary Fund (IMF) estimated that the foreign debts of 100 oil-importing developing countries increased by 150% between 1973 and 1977, complicated further by a worldwide shift to floating exchange rates. Le système de pétrodollar fournit également aux marchés financiers des États-Unis une source de liquidité et des entrées de capitaux étrangers grâce au «recyclage» des pétrodollars. By Christopher Kopper. Mais près de 40 % de ces capitaux ont été investis à moyen et long terme dans les pays industrialisés, les États- Unis accueillant à eux seuls la moitié de ces placements. recyclage des pétrodollars a permis à ces pays débiteurs d’éviter de devoir rétablir un strict contrôle des changes et des restrictions au libre-échange. In fact, the process contributed to the growth of the Eurodollar market as a less-regulated rival to US monetary markets. Ce sont essentiellement des pays en voie de développement qui vont emprunter des eurodollars pour accroître leur dépense. As the recessionary condition of the world economy made investment in corporations less attractive, bankers and well-financed governments lent much of the money directly to the governments of developing countries, especially in Latin America such as Brazil and Argentina[14] as well as other major developing nations like Turkey. Choc sur choc... 1973 restera marquée d'une pierre noire pour l'économie mondiale. Proteggere l'ambiente questo packaging riciclaggio petrodollari. This may have kept U.S. long-term interest rates low, even as the U.S Federal Reserve has hiked its short-term rate to rein in inflation. On voit le recyclage des pétrodollars qui arrive aux pays exportateurs de pétrole, qui sont mis à Londres et ensuite qui sont exportés aux pays en voie de développement pour payer leur déficit causé par l‘augmentation du prix du pétrole. Protection de l'environnement cet emballage recyclage des pétrodollars. [34] Even more controversially, several oil exporters have been major financial supporters of armed groups challenging the governments of other countries. De la convention de Lomé au recyclage des pétrodollars Micheline Paunet Aperçu. Citant Goldman Sachs, Zero Hedge notait que la nouvelle donne des prix du pétrole pourrait drainer 24 milliards de dollars du système pétrodollar pour atteindre près de 900 milliards d’ici 2018.

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