Oil wealth refers to the abundance of natural resources, particularly petroleum or crude oil, possessed by certain regions or countries. This wealth can be derived from the extraction, production, and exportation of oil.
Related terms
Resource curse: Resource curse is when countries rich in natural resources experience negative consequences such as corruption, economic instability, and inequality due to mismanagement or overdependence on those resources.
OPEC (Organization of Petroleum Exporting Countries): OPEC is an international organization composed of major oil-exporting nations that work together to coordinate policies related to oil production and prices.
Petrodollar: Petrodollar refers to the money earned by oil-exporting countries through the sale of petroleum. These earnings are often reinvested or used for international trade.