OPEC Reaffirms Pledge to Cut Production Quotas

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Melanie Sully

OPEC decided¹ to go ahead with a four percent cut in oil production quotas³, despite rising consumption and record prices of gasoline in the United States.

OPEC oil ministers decided to stick to their decision last month to reduce their target output by a million barrels per day. That means that, starting Thursday, the 11 members in the cartel will pump 23.5 million barrels per day on to the markets.

Oil analyst⁴ Ehsan Ul-Haq, of PVM Oil Associates in Vienna, says OPEC members tempted⁶ by high prices are likely to ignore the new quotas. He says non-OPEC oil producers like Russia will also take advantage of high prices and pump more oil onto the market.

He said, if prices stay high for several months then demand for oil will fall off, especially in poorer Asian countries, such as India.

At the OPEC meeting, Kuwait and the United Arab Emirates wanted to delay the production cut to allow prices to settle, but lead producer, Saudi Arabia, pushed for cuts now.

Consumer countries, such as the United States, are worried that crude prices, already close to 13-year highs at around $36 per barrel, could top the $40 mark.

Mr. Ul-Haq said higher prices will hit U.S. consumers particularly hard. "The price might be too high for consumers in the United States because in Europe, because of the stronger euro consumers are not feeling the price, but in the United States they have already started feeling the prices and after the consumers have paid their taxes there might not be too much money left for gasoline."

He said what is keeping oil prices high is political insecurity around the world, and market speculation⁷.

OPEC officials said the decision to curb⁸ output targets was made to avoid a sudden slump⁹ in prices when demand falls off in the spring. They said the decision will be reviewed in June.

注释:
OPEC [5Eupek] abbr. 全称为Organization of the Petroleum¹⁰ Exporting Countries，石油输出国组织。
quota² [5kwEutE] n. 配额, 限额
cartel [kB:5tel] n. 企业联合
PVM Oil Associate  PVM石油协会
Vienna [vi5enE] n. 维也纳，奥地利首都和最大的城市，在这个国家的东北部的多瑙河上。
tempt⁵ [tempt] vt. 吸引
Baltic [5bC:ltik] n. 波罗的海，位于欧洲
crude [kru:d] adj. 天然的（石油），未加工的
curb [kE:b] v. 抑制
slump [slQmp] v.（价格）暴跌

1 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。

2 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。

3 quotas   

（正式限定的）定量( quota的名词复数 )； 定额； 指标； 摊派

参考例句：

• In fulfilling the production quotas, John made rings round all his fellow workers. 约翰完成生产定额大大超过他的同事们。
• Quotas of the means of production are allocated by the higher administrative bodies to the lower ones. 物资指标按隶属关系分配。

4 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。

5 tempt   

vt.引诱，勾引，吸引，引起…的兴趣

参考例句：

• Nothing could tempt him to such a course of action.什么都不能诱使他去那样做。
• The fact that she had become wealthy did not tempt her to alter her frugal way of life.她有钱了，可这丝毫没能让她改变节俭的生活习惯。

6 tempted   

v.怂恿（某人）干不正当的事；冒…的险（tempt的过去分词）

参考例句：

• I was sorely tempted to complain, but I didn't. 我极想发牢骚，但还是没开口。
• I was tempted by the dessert menu. 甜食菜单馋得我垂涎欲滴。

7 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

8 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

9 slump   

n.暴跌，意气消沉，（土地）下沉；vi.猛然掉落，坍塌，大幅度下跌

参考例句：

• She is in a slump in her career.她处在事业的低谷。
• Economists are forecasting a slump.经济学家们预言将发生经济衰退。

10 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。