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In theory, as the price of oil rises, oil-related export revenues rise for an oil exporting nation, and thus constitute a larger monetary component of exports. The Canadian dollar is sometimes viewed as a petrocurrency, but this status is controversial. This phenomenon is often referred to in economics literature as Dutch disease. However, as a result of the appreciation of the Guilder, industrial manufacturing and services in the Netherlands during the 1970s and into the 1980s were crowded out of the larger national economy, and the country became increasingly non-competitive on world markets due to the high cost of Dutch industrial and service exports. The Dutch Guilder strengthened greatly in the 1970s, after OPEC began a series of price hikes throughout the decade that consequently increased the value of all oil-producing nations' currencies. The Dutch guilder was once regarded as a petrocurrency due to its large quantities of natural gas and North Sea oil exports. The pound sterling has sometimes been regarded as a petrocurrency as a result of North Sea oil exports. Especially during periods of historically expensive oil, the associated financial flows can reach a scale of hundreds of billions of US dollar-equivalents per year – including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not.
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"Petrocurrency" or (more commonly) "petrodollars" are popular shorthand for revenues from petroleum exports, mainly from the OPEC members plus Russia and Norway.