The flow of Opec petrodollars into global financial markets is set to dry up as the collapse in the oil price delivers a $316bn blow to the cartel’s revenues.
Big oil producers pumped the windfall from high oil prices in the past decade into a range of global assets, from US treasuries to equities and real estate.
Qatar bought Harrods and Paris Saint-Germain, the French football club, while Abu Dhabi’s sovereign wealth fund acquired a stake in the Time Warner building in New York. The flow of petrodollars into the global financial system boosted liquidity, spurred asset prices and helped to keep borrowing costs down.
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