2020年经济学人 石油市场: 犹豫不决(2)

 

The past 12 months give reason for scepticism. In December 2018 OPEC and its partners agreed to reduce output by 1.2m barrels a day.

过去12个月的种种给了我们怀疑的理由。2018年12月，OPEC及其合作伙伴同意将日产量削减120万桶。

Iraq, Nigeria and Russia, among others, have regularly exceeded their allowed limits.

其中伊拉克、尼日利亚和俄罗斯经常超过他们允许的限额。

To compensate¹, Saudi Arabia, OPEC's most powerful member,

根据国际能源署数据，作为补偿，

slashed³ its own production by an average of 500,000 additional barrels a day, according to the International Energy Agency.

OPEC最主要成员国沙特阿拉伯将自己的日产量平均产量额外削减了50万桶。

Analysts⁴ at Morgan Stanley estimate that in 2020 1.8m additional barrels a day will be pumped in countries outside the OPEC alliance,

根据摩根士丹利分析师估计，到2020年，OPEC联盟以外的国家每天将增产180万桶

including Brazil, Guyana and Norway. In the run-up to OPEC's meeting in Vienna in December,

其中包括巴西、圭亚那和挪威。在OPEC12月维也纳会议前夕，

it was doubtful whether the group would sustain the cuts agreed to a year earlier, let alone go further.

该组织是否将维持一年前达成的减产协议都值得怀疑，更不用说进一步减产了。

In the end Saudi Arabia's new oil minister, Abdulaziz bin⁵ Salman, wrangled⁶ an impressive deal.

最终，沙特阿拉伯新任能源部长Abdulaziz Bin Salman达成了一项令人印象深刻的协议。

The alliance's 1.2m-barrel cut will extend to 1.7m in January.

该联盟的120万桶减产量将在明年1月扩大至170万桶。

Additional reductions led by Saudi Arabia will push the total to 2.1m barrels a day.

以沙特为首的额外减产将使日产总量达到210万桶。

The broader group's collective output will be 1.3% below its level in November.

更广泛组织的整体产量较11月份下降1.3%。

It remains⁷ to be seen, however, if the cuts will materialise—or last. The new agreement covers only the first quarter of 2020.

然而，减产是否会兑现，或持续，仍有待观察。新协议只涵盖2020年第一季度。

It also allows Russia to increase its output of condensate, a type of light crude.

该协议还允许俄罗斯增加凝析油（一种轻质原油）的产量。

Saudi Arabia remains keen to support prices, both for its budget and to make Aramco's listing a success.

沙特阿拉伯仍然热衷于支撑油价，既为了预算，也为了让阿拉伯-美国石油公司的上市获得成功。

The firm's soaring valuation in early trading may not be sustainable.

该公司在早期交易中飙升的估值可能无法维系。

Many big global investors⁸ were repelled⁹ by its low dividend¹⁰ yield, security risks and state control.

很多全球大型投资者对其低股息收益率、安全风险和政府控制感到反感。

But local retail¹¹ investors piled in, attracted partly by the sweetener of an extra free share for every ten they buy and hold for six months.

但当地小额投资者蜂拥而至，部分原因是他们每购买10股并持有6个月，就可以获得额外的免费股票。

If Saudi Arabia's allies fail to stick to their promised cuts, the kingdom will have a choice: slash² its own production further or let prices fall. Neither is appealing.

如果沙特的盟友没能坚持减产承诺，那么该国将面临一个选择：要么进一步削减产量，要么让价格下跌。两者都没什么吸引力。

1 compensate   

vt.补偿，赔偿；酬报 vi.弥补；补偿；抵消

参考例句：

• She used her good looks to compensate her lack of intelligence. 她利用她漂亮的外表来弥补智力的不足。
• Nothing can compensate for the loss of one's health. 一个人失去了键康是不可弥补的。

2 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

3 slashed   

v.挥砍( slash的过去式和过去分词 )；鞭打；割破；削减

参考例句：

• Someone had slashed the tyres on my car. 有人把我的汽车轮胎割破了。
• He slashed the bark off the tree with his knife. 他用刀把树皮从树上砍下。 来自《简明英汉词典》

4 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

5 bin   

n.箱柜；vt.放入箱内；[计算机] DOS文件名:二进制目标文件

参考例句：

• He emptied several bags of rice into a bin.他把几袋米倒进大箱里。
• He threw the empty bottles in the bin.他把空瓶子扔进垃圾箱。

6 wrangled   

v.争吵，争论，口角( wrangle的过去式和过去分词 )

参考例句：

• They wrangled over what to do next. 他们就接下来该干什么而争吵。 来自辞典例句
• They wrangled and rowed with other passengers. 他们与其他旅客争辨吵闹。 来自辞典例句

7 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 repelled   

v.击退( repel的过去式和过去分词 )；使厌恶；排斥；推开

参考例句：

• They repelled the enemy. 他们击退了敌军。 来自《简明英汉词典》
• The minister tremulously, but decidedly, repelled the old man's arm. 而丁梅斯代尔牧师却哆里哆嗦地断然推开了那老人的胳臂。 来自英汉文学 - 红字

10 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

11 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。