Definition, Meaning & Synonyms

petrostate

Noun

ˈpɛtrəˌsteɪt

Definition

A petrostate is a nation where the economy is heavily dependent on the production and export of petroleum or oil.

Examples

Venezuela is often cited as a classic example of a petrostate due to its reliance on oil exports.
The policies of the petrostate can sometimes be dictated more by oil prices than by the needs of its citizens.

Meaning

In a petrostate, a significant portion of the national revenue comes from the oil sector, which can influence political decisions and economic policies.