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Oil

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Representatives from 25 oil exporting nations gathered in Vienna on Dec. 6-7 to plot strategies to tackle a glut that has knocked prices for West Texas Intermediate crude-an industry benchmark-to about $50 a barrel, down from a four-year high of $77 in October. The U.S. is partly responsible: America's oil production surged in September, eclipsing Russia for a second month as the world's biggest producer. Saudi Arabia, OPEC's de facto leader, and Russia reached a tentative agreement at the Group of 20 summit in Buenos Aires to continue working together to manage supplies in 2019. The cartel and its allies, collectively known as OPEC-plus, may succeed in boosting prices by curbing output, but not without ceding market share to U.S. drillers.
机译:来自25个石油输出国的代表于12月6日至7日聚集在维也纳,制定战略来解决供过于求的局面,这一供过于求已使西得克萨斯中级原油的价格(行业基准)从每桶50美元的四年高位下跌至每桶约50美元。十月份的价格为$ 77。美国负有部分责任:美国的石油产量在9月份激增,连续第二个月超过俄罗斯,成为世界上最大的石油生产国。石油输出国组织的事实上的领导人沙特阿拉伯和俄罗斯在布宜诺斯艾利斯举行的20国集团首脑会议上达成了一项临时协议,以继续在2019年共同管理供应。卡特尔及其盟国(统称为OPEC-plus)可能会成功地推动通过限制产量来提高石油价格,但并非不将市场份额让给美国钻探公司。

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