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VOA标准英语10月-Gulf Markets Plunge, Oil Prices Lower

时间：2008-11-12 05:16:40

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Fears of a global recession and falling oil prices are driving Gulf1 stock markets down dramatically, once again, and the generally morose2 economic climate has Arab investors3 scrambling4 for cover, as Edward Yeranian reports for VOA from Beirut.

Stock markets in the Gulf and across much of the Arab world are plummeting5, after a short reprieve6, amid fears of a global recession and a dramatic drop in oil prices, from a high of $147 in August, to around $73 Thursday.

The Saudi stock market is closed, due to the Islamic weekend, but markets in Dubai, Abu Dhabi, Qatar and Oman were off from between 5 to 7 percent, amid large drops in the oil and real estate sectors8.

The United Arab Emirates has also agreed to pump more than $32 billion of liquidity9 into local banks, and to guarantee bank deposits, while Kuwaiti monetary10 authorities are following a similar course, according to Ibrahim Dabdoub, Chairman of the Kuwait National Bank.

He says the first reflex was to pump more liquidity into the markets, via the banks, and then to stabilize11 markets by buying shares in financial companies, and calm worried investors.

The executive director of the Emirate's Diman Corporation, Shehab Qarqash, told al Arabiya TV that he predicts a "stormy future for all markets and every economic sector7, because we are facing a truly global crisis."

The Organization of Petroleum12 Exporting Countries, OPEC, cut its forecast for world oil demand, in its latest report, writing that "the fallout on the real economy from financial market headwinds is expected to be considerable."

Professor Louis Hobeika of Lebanon's Notre Dame13 University says that the precipitous recent drop in oil prices is the root cause of economic havoc14 in Gulf markets.

"The problem is that the Gulf economies remain very much linked or dependent on oil, and therefore, whenever oil prices fluctuate, the economies do, too. And, as you know, the oil price, the barrel, has gone down from about $150 to $75 dollars, which means, can you imagine losing 50 percent of your income, in a matter of days?" he asked. "And this creates instability, lack of confidences, worries, too, because governments, the budgets, have been forecasting based on higher oil prices, and therefore, this very quick slowdown or decline in the price of oil creates lots of financial turmoil15 in the economies, and not only financial turmoil, but also economic turmoil, and therefore, I expect the Gulf economies to be more careful about, especially, their expenditures16, their employment, and so on."

OPEC is planning an emergency meeting next month in Vienna to discuss what to do in the face of collapsing17 oil prices. But several top Arab economists18 are complaining that such a meeting is "too little, too late," to stop the rapid slide in oil prices.
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1 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。
2 morose qjByA     
adj.脾气坏的，不高兴的
参考例句：
  • He was silent and morose.他沉默寡言、郁郁寡欢。
  • The publicity didn't make him morose or unhappy?公开以后，没有让他郁闷或者不开心吗？
3 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
4 scrambling cfea7454c3a8813b07de2178a1025138     
v.快速爬行( scramble的现在分词 )；攀登；争夺；（军事飞机）紧急起飞
参考例句：
  • Scrambling up her hair, she darted out of the house. 她匆忙扎起头发，冲出房去。 来自《现代英汉综合大词典》
  • She is scrambling eggs. 她正在炒蛋。 来自《简明英汉词典》
5 plummeting a560b06f9b99975167411b72966f5588     
v.垂直落下，骤然跌落( plummet的现在分词 )
参考例句：
  • Prices are rising, falling, going up, going down, shooting up, plummeting, etc. 物价在上涨、下跌、上升、下落、猛然上涨、骤然下跌等。 来自辞典例句
  • The enemy plane went plummeting into the sea. 敌机直直掉进海里。 来自辞典例句
6 reprieve kBtzb     
n.暂缓执行（死刑）；v.缓期执行；给…带来缓解
参考例句：
  • He was saved from the gallows by a lastminute reprieve.最后一刻的缓刑令把他从绞架上解救了下来。
  • The railway line, due for closure, has been granted a six-month reprieve.本应停运的铁路线获准多运行6 个月。
7 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
8 sectors 218ffb34fa5fb6bc1691e90cd45ad627     
n.部门( sector的名词复数 )；领域；防御地区；扇形
参考例句：
  • Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
  • Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》
9 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
10 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
11 stabilize PvuwZ     
vt.（使）稳定，使稳固，使稳定平衡；vi.稳定
参考例句：
  • They are eager to stabilize currencies.他们急于稳定货币。
  • His blood pressure tended to stabilize.他的血压趋向稳定。
12 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。
13 dame dvGzR0     
n.女士
参考例句：
  • The dame tell of her experience as a wife and mother.这位年长妇女讲了她作妻子和母亲的经验。
  • If you stick around,you'll have to marry that dame.如果再逗留多一会，你就要跟那个夫人结婚。
14 havoc 9eyxY     
n.大破坏，浩劫，大混乱，大杂乱
参考例句：
  • The earthquake wreaked havoc on the city.地震对这个城市造成了大破坏。
  • This concentration of airborne firepower wrought havoc with the enemy forces.这次机载火力的集中攻击给敌军造成很大破坏。
15 turmoil CKJzj     
n.骚乱，混乱，动乱
参考例句：
  • His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
  • The robbery put the village in a turmoil.抢劫使全村陷入混乱。
16 expenditures 2af585403f5a51eeaa8f7b29110cc2ab     
n.花费( expenditure的名词复数 )；使用；（尤指金钱的）支出额；（精力、时间、材料等的）耗费
参考例句：
  • We have overspent.We'll have to let up our expenditures next month. 我们已经超支了，下个月一定得节约开支。 来自《简明英汉词典》
  • The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》
17 collapsing 6becc10b3eacfd79485e188c6ac90cb2     
压扁[平]，毁坏，断裂
参考例句：
  • Rescuers used props to stop the roof of the tunnel collapsing. 救援人员用支柱防止隧道顶塌陷。
  • The rocks were folded by collapsing into the center of the trough. 岩石由于坍陷进入凹槽的中心而发生褶皱。
18 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家，经济专家( economist的名词复数 )
参考例句：
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

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