OPEC Agrees to Reduce Oil Output

OPEC Agrees to Reduce Oil Output

Kerry Sheridan

Oil prices edged higher Tuesday after ministers from the Organization of Petroleum¹ Exporting Countries (OPEC) agreed to reduce output.

OPEC ministers have decided² to stop producing more than their quota³ of 24.5 million barrels per day, effective immediately. The ministers also moved to lower the output quota by one million barrels per day, beginning April 1.

Some of the ministers said the two-step cutback is aimed at keeping oil prices steady while demand for oil is expected to decline as spring comes to the northern hemisphere.

With current demand high, OPEC countries have been exceeding production ceilings by an estimated 1.5 million barrels per day. If the cuts announced Tuesday are implemented⁵, they would amount to a 10 percent reduction in OPEC's oil production.

But economic analyst⁶ Jim Steel, who is director of research at Refco Securities in New York, said the decision may not be so easy to implement⁴. "The important statement I think is their attempt to rein⁷ in that production, and that, I think, that is going to be very difficult because historically these crude prices are very high and it's very difficult for OPEC to cut when the price incentive⁸ to keep producing is so strong with oil in the $30 and above range."

Oil prices have surpassed OPEC's $22 to $28 a barrel price range in recent months, and rose again on Tuesday following the announcement of the production cuts.

Mr. Steel said the elevated price of oil, combined with the decrease in output that OPEC plans for April may encourage other oil producers to increase their production. "We're going to see slowly increasing output from Iraq, and also we're going to see increased output from other non-OPEC countries, particularly in the Caspian. Russia is going to continue to produce, because these prices are very, very high and that's what OPEC have to realize is the incentive to produce outside of OPEC because of these high prices is enormous."

In Washington, a White House spokesman responded to OPEC's decision on Tuesday, saying President Bush hopes the cartel does not take any action that would hurt the U.S. economy.

 

注释：

edge [edV] vi. 缓缓移动，侧着移动

the Organization of Petroleum Exporting Countries (OPEC)  石油输出国组织，简称欧佩克。

quota [5kwEutE] n. 配额，限额

barrel [5bArEl] n. 桶

cutback [5kQtbAk] n. 缩减，削减

hemisphere [5hemisfiE] n. 半球

exceed [ik5si:d] vt. 超过

ceiling [5si:liN] n. 最高限度

implement [5implimEnt] vt. 贯彻，执行

analyst [5AnElist] n. 分析家，分解者

Refco Securities  瑞富证券公司。

attempt [E5tempt] n. 努力，尝试

rein in  控制，放慢

crude [kru:d] n. 天然的物质

incentive [in5sentiv] n. 刺激

surpass [sE:5pB:s] vt. 超越，胜过

elevated [5eliveitid] adj. 提高的

Caspian [5kAspiEn] n. 里海，世界最大的咸水湖。

cartel [kB:5tel] n. 卡特尔，同业联盟，为协调生产、价格和商品市场而组成的独立的商业组织联合体。

1 petroleum   

n.原油，石油

参考例句：

• The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

2 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

3 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

4 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。

5 implemented   

v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效

参考例句：

• This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
• The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句

6 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

7 rein   

n.疆绳，统治，支配；vt.以僵绳控制，统治

参考例句：

• The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
• He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。

8 incentive   

n.刺激；动力；鼓励；诱因；动机

参考例句：

• Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的鼓励因素。
• He hasn't much incentive to work hard.他没有努力工作的动机。