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Learning English - Words in the News 01 October, 2004 - Published 11:36 GMT World oil prices | ||||||||||||
Finance ministers meeting in Washington, say they are concerned that past estimates may have overstated the world's oil reserves. This is likely to have an effect on oil prices in the longer term. This report from Steve Evans: There's been a perception that the recent rise in oil prices was because of the situation in Iraq and because of speculation -- that is, temporary factors. Officials in G7 now say, though, that oil is scarcer than previously thought -- in other words, that there's a longer-term shortage pushing prices up. On top of that, they recognize that strong Chinese economic growth will put more pressure on scarce supplies. As the G7-plus-China meeting gets under way, ministers from Britain and Germany want efforts made to get more information out to try to diminish the large amount of speculation in the oil market. Last time the G7 ministers met, the British finance minister, Gordon Brown, led an attempt to talk the price down by urging producers to increase supply. The exhortation had little effect, with the price rising anyway. Now it seems that ministers may be accepting that we're moving into a world of permanently higher oil prices that will dampen economic growth. Steve Evans, BBC North America business correspondent, Washington A perception Speculation temporary factors scarcer On top of that gets under way diminish to talk the price down exhortation dampen |
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