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This is the VOA Special English Economics1 Report.

 
Pumping oil in Bahrain
When we think of oil, the part of the world that comes to mind first may be the Middle East. But petroleum2 development takes place worldwide.

Nigeria, for example, is the largest oil producer in Africa and the eleventh largest producer in the world. Russia is the world's second largest exporter of oil and the top exporter of natural gas.

But the country that produces and exports more oil than any other is Saudi Arabia. The Saudis hold one-fourth of the world's proven oil reserves.

Last year, Saudi Arabia and other Persian Gulf3 countries produced about twenty-eight percent of the world's oil supply. The United States Energy Department says they also held fifty-five percent of known reserves.

The other Gulf producers are Bahrain, Iran, Iraq, Kuwait, Qatar and the United Arab Emirates. Iran has ten percent of the world's proven oil reserves. Iraq is also estimated to have a large supply of oil, and unexplored areas may hold much more.

In nineteen sixty Iran, Iraq, Kuwait, Saudi Arabia and Venezuela formed the Organization of the Petroleum Exporting Countries. Today OPEC has twelve members. The newest is Angola which joined this year.

High oil prices have brought new attention to OPEC. Its members produce about forty percent of the world's oil. But two of the world's top three oil exporters, Russia and Norway, are not OPEC members.

Its influence may have reached a high point during the oil crisis4 connected to the nineteen seventy-three Arab-Israeli war. Arab oil producers boycotted5 the United States, western Europe and Japan because of their support for Israel.

Since then, new discoveries and increased production in areas including countries of the former Soviet6 Union have provided more oil.

National oil companies are estimated to control about eighty percent of the world's oil supply.  In recent years, rising oil prices have led more governments to act, either directly or indirectly7, to take control of their oil industries.

President Hugo Chavez has moved to nationalize oil operations in Venezuela. And in Russia, a series of actions resulted in state-owned Rosneft gaining control of reserves held by Yukos. Yukos was Russia's largest private company, until the government said it owed billions of dollars in taxes and jailed its founder8, Russia's richest man.

And that's the VOA Special English Economics Report, written by Mario Ritter.


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1 economics grzxZ     
n.经济学,经济情况
参考例句:
  • He is studying economics,which subject is very important.他正在学习经济学,该学科是很重要的。
  • One can't separate politics from economics.不能把政治与经济割裂开来。
2 petroleum WiUyi     
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。
3 gulf 1e0xp     
n.海湾;深渊,鸿沟;分歧,隔阂
参考例句:
  • The gulf between the two leaders cannot be bridged.两位领导人之间的鸿沟难以跨越。
  • There is a gulf between the two cities.这两座城市间有个海湾。
4 crisis pzJxT     
n.危机,危急关头,决定性时刻,关键阶段
参考例句:
  • He had proved that he could be relied on in a crisis.他已表明,在紧要关头他是可以信赖的。
  • The topic today centers about the crisis in the Middle East.今天课题的中心是中东危机。
5 boycotted 6c96ed45faa5f8d73cbb35ff299d9ccc     
抵制,拒绝参加( boycott的过去式和过去分词 )
参考例句:
  • Athletes from several countries boycotted the Olympic Games. 有好几国的运动员抵制奥林匹克运动会。
  • The opposition party earlier boycotted the Diet agenda, demanding Miyaji's resignation. 反对党曾杯葛国会议程,要宫路下台。
6 Soviet Sw9wR     
adj.苏联的,苏维埃的;n.苏维埃
参考例句:
  • Zhukov was a marshal of the former Soviet Union.朱可夫是前苏联的一位元帅。
  • Germany began to attack the Soviet Union in 1941.德国在1941年开始进攻苏联。
7 indirectly a8UxR     
adv.间接地,不直接了当地
参考例句:
  • I heard the news indirectly.这消息我是间接听来的。
  • They were approached indirectly through an intermediary.通过一位中间人,他们进行了间接接触。
8 Founder wigxF     
n.创始者,缔造者
参考例句:
  • He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
  • According to the old tradition,Romulus was the founder of Rome.按照古老的传说,罗穆卢斯是古罗马的建国者。

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