OIL: How the Money Rolls In

No oil well ever gushed black gold as rapidly as foreign currency and other forms of monetary reserves are pouring into the treasuries of the countries that quadrupled oil prices in the past year. According to figures released last week by the International Monetary Fund, the 13 members of the Organization of the Petroleum Exporting Countries had piled up by Sept. 30 more than $38 billion of monetary reserves, or an awesome 19% of the world total, v. $13 billion, or 7% of the global total, a year earlier. Nigeria's reserves multiplied nine times, to $4 billion; Iran's six times,...

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