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OPEC to Increase Production
VIENNA (Reuters) OPEC oil exporters agreed to raise output limits on Tuesday but second largest producer Iran, fearing a slump in oil prices, opted out of the deal.
The Organization of the Petroleum Exporting Countries said nine members, excluding Iran, would immediately turn up the taps to 1.45 million barrels daily, or seven percent, easing output curbs made a year ago.
The pact came after heavy pressure from OPEC's biggest customer the United States to ease the price of oil and avert a slowdown in economic growth in the West.
Saudi Oil Minister Ali al--Naimi said he hoped to see the price of North Sea Brent in the range of $20-$25 a barrel.
"This decision was made in the interests of producers and consumers in a prudent way. It will have a positive impact and moderate prices," he said.
Iran, outside the pact, said it would raise production in any case, though not by as much as under the quota it was offered.
Iranian Oil Minister Bijan Zanganeh said he saw room for only one million barrels a day of extra oil. He said Tehran saw no shortage in the market.
"Our differences are on principles, and not only a few barrels," Zanganeh told reporters after the meeting had closed.
"OPEC is not a political organization," he added.
He had complained during the two-day OPEC meeting of "political pressure". OPEC delegates said that was an apparent reference to the United States which launched a diplomatic offensive to get OPEC to raise supplies and lower oil prices on the world market.
In Washington, President Clinton said of extra supply: "In the aggregate it could be sufficient to get production and consumption back in alignment," he said.
Analysts said they expected oil prices, already on the slide from recent highs, falling quickly into the $20-$25 range.
"This will mean extra supply and have a negative impact on oil prices," said Gary Rose of Petroleum Industry Research Associates.
"We're going to see a stock build in the second quarter. I would not be surprised to see Brent at $21-$22.”
Rose said: "The United States was pressing hard for a substantial increase and most in OPEC were in favor of a big increase." Iran has expressed its displeasure at this political.
Non-OPEC Mexico and Norway, having cooperated with OPEC in cutting exports when prices crashed, are shortly expected to announce their own increases.
1. () Iran will raise production at all, but less than it was offered under the quota.
2. () Iranian Oil Minister Bijan Zanganeh said the market could absorb 1.45 million barrels of extra oil a day at present.
3. () President Clinton said the new agreement could bring production back to the same level as consumption.
4. () Industry analysts said that the extra oil could have a positive effect on the oil market.
5.() Non-OPEC oil producers such as Mexico and Norway have been competing fiercely with OPEC for world market over the years.
更多“OPEC to Increase ProductionVIENNA （Reuters) OPEC oil exporters agreed to raise output li”相关的问题
第1题
A.the law of elastic supply
B.the law of elastic demand
C.consumers will bid up the price of oil
D.all of the above
E.none of the above
第2题
Text 4
Could the bad old days of economic decline be about to return？ Since OPEC agreed to supply - cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $10 last December. This near - tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979 -80, when they also almost tri- pled. Both previous shocks resulted in double - digit inflation and global economic decline. So there are the headlines warning of gloom and doom this time？
The oil price was given another push up this week when Iraq suspended oil experts. Strengthening economic growth, al the' same time as winter grips the northern hemisphere, could push the price higher still in the short Item.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, tuxes account for up to four - fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the 'oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, oil prices averaged $ 22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25 - 0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy-intensive, and se could he more seriously squeezed.
One more reason net to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
36. The main reason for the latest rise of oil price is______.
A) global inflation
B) reduction in supply
C) fast growth in economy
D) Iraq' s suspension of exports
第8题
In its latest economic health check, the Washington-based Bank said tougher economic policies and the jump in commodity prices would slow the pace of world growth this year before a pick-up in activity in 2012.
The Bank predicted that global growth was on course to edge down from 3.8 percent in 2010 to 3.2 percent this year, then accelerate to 3.6 percent in 2012. It forecast that the pace of activity in high-income countries would slow from 2.7 percent in 2011 to 2.2 percent in 2012. Developing countries, which were responsible for almost half global growth in 2010, would expand by 6.3 percent this year, down from 7.3 percent in 2010.
The Bank warned that its forecasts could be over-optimistic should oil prices continue to rise. Brent crude (布伦特原油) was t
1If oil prices keep rising, the forecasted global economic growth rate could be __________.
A、increased to 3.6 percent
B、increased to 6.3 percent
C、reduced to 2.2 percent
D、slowed by 0.5 percent
2What has been causing oil prices to continue to increase？
A、Market uncertainty or unstable oil supply.
B、The global recession of 2008 and 2009.
C、Over-optimistic forecast for economic growth.
D、Agreement reached by the OPEC oil cartel.
3What problem(s) do developing countries need to strive to address？
A、The slow economic growth rate.
B、Poverty brought by high food prices.
C、Structural imbalances and inflation pressures.
D、Tensions coming from high-income countries.
4According to the World Bank, high food prices had been a result of ____________.
A、high oil prices and decreased oil production
B、high oil prices and poor crop harvest
C、tougher economic policies
D、rise in other commodity prices
5How does the World Bank sound in making the predictions about economic growth？
A、Worried.
B、Objective.
C、Indifferent.
D、Sympathetic
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