As Saudi Arabia drives an OPEC agreement to increase oil output,
the real impact is unclear
When it
comes to crude oil prices, politics dwarfs(बौने ) everything
else. The Organization of the Petroleum
Exporting Countries (OPEC) on Friday
agreed to increase (वृद्धि/विस्तार) its
daily output to address the problem of rising(उभरता
हुआ/चढ़ाव) crude oil prices. Saudi
Arabia’s Energy Minister Khalid al Falih announced(घोषणा
करना/घोषित करना) that the cartel’s
output would be increased by about a million barrels a day beginning in July.
The official statement released by the group, however, failed to mention(उल्लेख/ज़िक्र
करना) any solid numbers regarding(विषय
में) the planned increase in production(उत्पादन
). It simply stated that OPEC
countries would “strive(प्रयास करना)” to
adjust production levels in order to conform to the terms(शर्तों
/मामले) of the production
cut deal reached in 2016. Unsurprisingly, in the absence(अनुपस्थिति/कमी) of any clear intent(प्रयोजन/इच्छा) on
the part of OPEC to guide prices lower, the price of the benchmark WTI crude
increased by as much as 5% after Friday’s announcement of a production
increase. OPEC members had in late 2016, it is worth(क़ीमत/श्रेय) noting, agreed to a historic(ऐतिहासिक) deal
to cut output by 1.2 million barrels a day in order to end a supply glut(भरमार/बहुलता) and raise the price of oil. Since then, the cartel(उत्पादक
संघ) has in fact managed to overshoot
its production cut target(लक्ष्य) following
unexpected outages in countries such as Venezuela and Libya, contributing(योगदान) to the steep rise in oil prices. In May, for instance(उदाहरण
के लिए,) , OPEC overshot its
production cut target by 624,000 barrels a day. The lack of any clear commitment(वायदा/प्रतिबद्धता) from OPEC to raise production suggests that the threat(आशंका/ख़तरा) of a supply shock still looms(गिरावट/धुंधला
दिखाई देना) over the global
economy. But, for now, the deal allows stakeholders in the energy market to
save face.
The
pressure on Saudi Arabia, the de facto leader of OPEC, to be seen as doing
something to tackle rising oil prices was clear, going into the meeting on
Friday. U.S. President Donald Trump has been vocal(मौखिक/स्वर) in recent months about the need to bring down rising oil
prices that threaten(धमकाना/धमकी देना) to
put the global economy under stress. Other oil-importing economies, especially emerging(उभरना/प्रकट
होना)markets such as India that have been affected(प्रभावित/दिखावटी) by the rising cost of oil imports, have also been exerting
pressure(दबाव डालना). The present deal
could help the Saudis appease(मनाना/शांत करना)major
oil consumers to some extent(विस्तार-क्षेत्र/मात्रा/प्रभाव) . Meanwhile, Iran, which has been opposed(सम्मुख-स्थित/विरोध
का/) to raising OPEC output as it would lower prices, is set to suffer amarginal(मामूली
) loss as it lacks
(अभाव/चाहना) spare(अतिरिक्त ) capacity
to ramp up(बढ़ाना) production.
This works in favour of its rival(प्रतिद्वंद्वी/विरोधी) ,
Saudi Arabia, which can recover from the impact(प्रभाव/असर) of lower prices by
capturing market share. The deal, however, still allows Iran to save face by
projecting the proposed output increase simply as a return to the original OPEC
agreement framed(निर्माण करना) in
2016. Whether all this politicking will bring a stable(स्थिर/मज़बूत)
reduction(छंटनी/कमी) in global oil
prices remains to be seen.
Important Vocabulary
1.Dwarfs(बौने
)
Synonyms: baby, diminutive, low, petite, pocket
Antonyms: big, huge, large, tall, giant
Synonyms: baby, diminutive, low, petite, pocket
Antonyms: big, huge, large, tall, giant
2.Strive(प्रयास
करना)
Synonyms: aim, endeavor, go all out, seek, tackle, assay
Antonyms: neglect, agree, discourage, dissuade, idle
Synonyms: aim, endeavor, go all out, seek, tackle, assay
Antonyms: neglect, agree, discourage, dissuade, idle
3.Worth(क़ीमत/श्रेय)
Synonyms: account, aid, benefit, cost, credit
Antonyms: hindrance, evil, hurt, imperfection, injury
Synonyms: account, aid, benefit, cost, credit
Antonyms: hindrance, evil, hurt, imperfection, injury
4.Glut(भरमार/बहुलता)
Synonyms: oversupply, saturation, surplus, excess, nimiety
Antonyms: lack, need, want, insufficiency
Synonyms: oversupply, saturation, surplus, excess, nimiety
Antonyms: lack, need, want, insufficiency
5.Commitment(वायदा/प्रतिबद्धता)
Synonyms: engagement, guarantee, need, pledge, promise
Antonyms: break, breach, irresponsibility, broken promise, denial
Synonyms: engagement, guarantee, need, pledge, promise
Antonyms: break, breach, irresponsibility, broken promise, denial
6.Threat(आशंका/ख़तरा)
Synonyms: blackmail, hazard, intimidation, menace, peril
Anytonyms: certainty, safety, surety
Synonyms: blackmail, hazard, intimidation, menace, peril
Anytonyms: certainty, safety, surety
7.Vocal(मौखिक/स्वर)
Synonyms: articulate, choral, operatic, verbal, lyric
Antonyms: introverted, modest, quiet, shy, written
Synonyms: articulate, choral, operatic, verbal, lyric
Antonyms: introverted, modest, quiet, shy, written
8.Appease(मनाना/शांत
करना)
Synonyms: allay, alleviate, assuage, blunt, calm
Antonyms: aggravate, agitate, incite, increase, intensify
Synonyms: allay, alleviate, assuage, blunt, calm
Antonyms: aggravate, agitate, incite, increase, intensify
9.Spare(अतिरिक्त
)
Synonyms: unoccupied, unused, backup, emergency, free
Anytonyms: fat, necessary, thick
Synonyms: unoccupied, unused, backup, emergency, free
Anytonyms: fat, necessary, thick
10.Marginal(मामूली
)
Synonyms: insignificant, minimal, minor, negligible, bordering, low
Antonyms: important, major, significant, central, core
Synonyms: insignificant, minimal, minor, negligible, bordering, low
Antonyms: important, major, significant, central, core
11.Framed(निर्माण
करना)
Synonyms: bordered, enclosed, mounted, wrapped, clasped
Synonyms: bordered, enclosed, mounted, wrapped, clasped
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