OPEC Nations to Discuss Oversupply of Oil
The world's oil oversupply could continue to rise, causing a drop in fuel and energy prices. That possibility will be under discussion at OPEC negotiations on Thursday.
The Organization of the Petroleum Exporting Countries will decide whether to continue with production cuts agreed to three years ago.
These negotiations take place as tensions increasingly drive OPEC member-nations in different directions.
Saudi Aramco, Saudi Arabia's national oil and gas company, is expected to enter the stock market Friday.
The move puts Saudi Arabia in a difficult position as it considers oil production levels and current oil prices.
Some nations, such as Iraq, have been ignoring OPEC's production limits agreement and are producing more oil.
Bhushan Bahree is an executive director of international oil at the research company IHS Markit. If people are already not honoring the current agreement, he asked, why make more cuts?
He said, "I think the Saudi position is they're willing to cut more if needed, but they want better compliance."
Currently, OPEC nations have agreed to cut production by 1.2 million barrels per day through March 2020. Most experts expect OPEC nations to extend those production cuts until at least summer.
Jacques Rousseau is with Clearview Energy Partners. He said, "If they just keep the existing situation, then you get this massive oversupply." He believes OPEC nations will cut production by an additional 400,000 barrels per day to keep supply and demand in balance during the first half of next year.
Rousseau said Kuwait, Saudi Arabia and the United Arab Emirates are more likely to make the cuts. But large cuts may be difficult with some OPEC members following their own plans.
I'm Jonathan Evans.
1.stock market 股市
Losses on the stock market caused him to fall on hard times.
2.production cut 减产
Khelil suggests that trend might continue, despite OPEC's production cut.
3.oil prices 石油价格
Russia has regulated the industry so poorly that production is falling despite the soaring oil price.
4.take place 发生；举行
Peace talks failed to take place because of a dispute over the venue.
5.That possibility will be under discussion at OPEC negotiations on Thursday.
under discussion 正在讨论中
Many questions are under discussion.
The plans have been under discussion for a year now, but no decision has been reached.
6.He believes OPEC nations will cut production by an additional 400,000 barrels per day to keep supply and demand in balance during the first half of next year.
keep in balance 保持...平衡
We must keep nature in balance so that e ill have a good life in the future.
You are your own master when you can keep everything around you in balance.
全球石油过剩可能会继续加剧，导致燃料和能源价格下跌 。这种可能性将在周四的欧佩克谈判中讨论 。
布尚·巴里（Bhushan Bahree）是IHS Markit研究公司负责国际油价的执行董事 。他好奇，如果人们不履行当前的协议，为什么进一步削减石油产量呢？
目前，欧佩克成员国已经同意在2020年3月前将日产量减少120万桶 。多数专家预计，欧佩克国家会把减产协议延长到至少明年夏天 。
雅克·卢梭（Jacques Rousseau）就职于Clearview Energy Partners 。他说：“如果欧佩克国家只是维持现状，那么就会出现严重的过剩 。”他认为，欧佩克国家将于明年上半年的日产量减少40万桶，以保持供需平衡 。
卢梭表示，科威特、沙特和阿拉伯联合酋长国可能会减产 。但是由于某些欧佩克成员国会遵循自身的规划，大幅减产可能会很困难 。