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Unit IVText: Types of Oil, Types of Prices

Grammar: THAT/THOSE OF, WITHREVISION

Ex. 1 Match “false friends” in A with Russian words in B and give Russian words with international roots in C:

A B CE.g inventory список, реестр инвентарьMedium плотностьGravity городскойReason маркерный сорт нефтиPremium средаDeterminant причинаMarker определительUrban повышенного качества

Words to Text A

posted price (официально) объявленная цена (указанная в рекламе или иным образом официально заявленная цена, по которой данное лицо намерено продать или приобрести какой-л. товар или услугу)Ex. OPEC used the Israeli-Arabian conflict to double the posted price for a barrel of Saudi Arabian light oil, to US$5.14.

hold true (for) v. иметь силу, действовать, распространяться на, быть верным, быть справедливым, годитьсяEx. According to current physical theory, Nature - in fact, only inorganic, physical matter - seems to obey numerous laws, which are of universal character, e.g. they hold true at any place and time in the universe.

Pattern n. система, структура; принцип, модель (организации чего-л.) consumption pattern —структура потребления spending pattern — схема (статей) расходов Ex. After the two oil crises of the 1970s, the pattern of energy consumption in Japan changed from heavy dependence on oil to some diversification to other forms of energy resources in order to increase energy security.

Gravity n.Syn. density

плотность

API (American Petroleum Institute)API gravity

Американский институт нефтиплотность (нефтепродукта) в градусах Американского нефтяного института

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Apply to v. Касаться ч-л., относиться к ч-л.Ex. The offer only applies to flights from London and Manchester.

Grade n.

Regular gradeMidgradePremium grade

Сорт, качествоEx. The best grades of tea are expensive.Стандартное качествоСреднее качествоВысшее качество

Low end НедорогойEx. A low end product is one of the cheapest in the range of products made by a company.

High end ВысококачественныйEx. The company blamed the loss on higher costs and lower sales of high end products.

By far Значительно, гораздоEx. The whole world has greeted the triumphant flight of the Soviet spaceship as by far the greatest scientific achievement of man. (‘Daily Worker’)

Sour oilSweet oil

Высокосернистая нефтьEx. Sour crude oil is crude oil containing the impurity sulfur .Малосернистая нефтьEx. Sweet crude oil is a type of petroleum. Petroleum is considered "sweet" if it contains less than 0.5% sulfur, compared to a higher level of sulfur in sour crude oil.

Range (from… to; between) v.

Range n

Колебаться в пределахEx. The population of theses cities ranges between 3 and 5 million people.предел, размах, амплитуда; диапазонex. Oil remained in a $26-to$30-a barrel range for several years.

Before you read.

What do you think the classification of oil into different types is based on?

Text A

Part I

Types of oil

1. Although it is quite normal to hear mention of "the oil price," no such thing exists. There is no single price of oil. The term "oil" can mean crude oil or petroleum products. Generally, products are worth more than crude for the same reason that bread is worth more than wheat. Processing adds value.

2. Even when the chemical distinctions are clear, prices for a single product vary from region to region. Gasoline prices, posted as they are in most places for all the world to see, can vary from one urban intersection to the next and usually do. The same holds true for heating oil, lubricants, and crude oil itself. Patterns of supply and demand vary geographically. Economic health changes from

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place to place.3. Furthermore, crudes vary tremendously in quality and composition. Just as there are grades of

gasoline—regular, midgrade, and premium—so are there grades of crude. But there are more of them for crude than there are for gasoline—many more. And the market must evaluate the differences.

4. The main parameters of crude quality are density and sulfur content. Density is measured by something called API gravity, which is expressed in degrees. Crudes with relatively high API gravities are considered light; those with lower API gravities are heavy. There also are medium or intermediate weights.

5. Crudes between the "light," "medium," and "heavy" categories apply mainly to crudes within particular families, which have names. For example, Iraq exports three crudes in the Basrah1

family: Basrah Heavy with an API gravity of 24.7°; Basrah Medium, 31.1°; and Basrah Light, 33.7°. In general, heavy crudes have API gravities below 25°; mediums have API gravities of 25-32°; lights have API gravities higher than that.

6. Everything else being equal, light crudes are more valuable than medium or heavy crudes because they produce comparatively greater quantities of light, high-value products such as gasoline and light distillates, in distillation.

7. Sulfur content is measured as a simple weight percent. Crudes with more than 1.5% sulfur are considered sour. Those containing less sulfur are" said to be sweet. Sweet crudes, because they do not require the added cost of desulfurization in processing, have higher values.

8. Grades of crude by these main determinants of value range from heavy and sour on the low end to light and sweet on the high. There are other factors of crude quality, such as volatility, pour point, viscosity, and concentrations of metals and other materials. In the market, however, density and sulfur content are by far the most common quality measures.

Text AnalysisFind English equivalents for the following in Part I of Text A:Paragraph 2: хотя цены на бензин официально объявлены во всеуслышание; характер спроса

и предложения; городской перекресток, экономическое благосостояние;Paragraph 5: сорта сырой нефти, относящиеся к определенным группам;Paragraph 7: весовой процент; дополнительные расходы; удаление серы;Paragraph 8: от недорогих …до высококачественных

Ex. 2 Match A & BA B

pattern affect, refer tolow end of very high qualityrange structurepremium the highest and lowest prices

reached by a market within a certain period of time

apply to low quality

Ex. 3 Answer the questions to Part I of Text A1. What are the main parameters of crude quality?2. Why do prices for a single product vary from region to region?3. What crudes are considered light /heavy?4. What names of crudes do you know?5. What gravities do medium grades have?6. Why are light crudes more valuable?7. How is sulfur content measured?

1 Basra is Iraq's main port near the Persian Gulf. The area surrounding Basra has substantial large petroleum resources and many oil wells.

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8. What crudes are considered sour/sweet?9. What crudes are low/high end?

Words to Part IInet a.

~ assets~ profit~ n.

нетто, чистыйEx. Indonesia withdrew its membership in OPEC in 2008 after it became a net importer of oil.чистые активычистая прибыльа) цифра за вычетом налогов и других расходов, обязательств и т. д., т. е. сумма, уменьшенная на все относящиеся к ней вычеты Ex. In economics, net means after deductions. The antonym is gross, meaning before deductions. Nett is an alternative spelling used in British English.б) чистая прибыль после налогообложенияEx. Saudi Arabia net oil export revenues were forecast to increase in 2005 and 2006, to $150 billion and $154 billion, respectively, mainly due to higher oil prices

Brent crude нефтяная смесь марки «Брент» - эталонная (маркерная) марка (сорт) нефти, добываемой в Северном мореEx. The price of Brent Crude, one of the first types of oil extracted from the North Sea, is used today as a standard price for comparison for crude oil from the rest of the world.

West Texas Intermediate (WTI)

западно-техасская средняя Базовый сорт нефти (США)Ex. WTI often referenced in North American news reports about oil prices, alongside North Sea Brent Crude.

Dubai crude Ex. Dubai crude is generally used for pricing Persian Gulf crude oil exports to Asia

spot price "спот" (условия расчетов, при которых оплата и поставка осуществляются немедленно)цена при продаже за наличные (с немедленной доставкой)

term price цена долгосрочного/среднесрочного контрактаbenchmark n. база (сравнения), ориентир, эталон, стандарт для

сопоставлений, отправная (контрольная) точка (любой показатель, выбранный за основу при сравнении или оценке других показателей)Ex. In the 1960s and 1970s the Swedish political system was regarded as a benchmark for other European countries

quote n. (quotation) котировка, расценка, ценаquote v. назначать цену, котировать

Ex. Neste Oil is a Finnish oil refining and marketing company producing mainly transportation fuels and other refined petroleum products. Neste Oil shares are quoted on

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the Helsinki Stock Exchange.adjust v.

adjustment for smth. n. ~ for inflation

adjusted adj.

корректировать, согласовывать, приводить в соответствиеEx. We adjusted our watches to local time.поправка на ч-л поправка на инфляциюEx. Once we make the adjustments for inflation, the fall in interest rates is quite small.согласованный

haul v.

to haul freight

везти, перевозить; транспортировать; заниматься коммерческими перевозками перевозить грузыEx. The ship was hauling a load of iron ore.

haulage n. перевозка, транспортировка; доставка, подвозка (товаров, грузов); термин обычно применяется для обозначения автодорожной и железнодорожной перевозки) Ex. This contract, which is reproduced here, is a typical example of a standard form contract found in the haulage industry.

marginal a.

~ supply

~ well

1. незначительный, небольшой, несущественный, неважный, малодоходныйEx. There has been only a marginal increase in sales recently.

маржинальные поставки

малодебитная (истощенная) скважинаEx. A stripper well or marginal well is an oil or gas well that is nearing the end of its economically useful life.2. дополнительныйEx. The marginal return is the added output resulting from employing one more farmer.

margin n. маржа, разница между себестоимостью и продажной ценой, прибыльEx. A store that sells for $1 an item costing it 90 cents has a 10 % margin.

continuous a.

ant. discreet

постоянный, непрерывныйEx. Although we nearly always need extra drivers, we cannot guarantee continuous employment.

continuity n.

~ of supply

~ of employment

бесперебойность, непрерывностьEx. We should ensure continuity of care between hospital and home.бесперебойность снабженияEx. Feasibility studies showed that the creation of a regional electric transmission system would be very positive for the region and lead to a reduction in electricity costs and to improvements in the continuity and reliability of supply.непрерывный стаж работы

shortfall n. дефицит, недостачаEx. The Mauritanian government announced a 112 million

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USD budget deficit, mostly due to shortfalls in oil exports due to technical problems.

Cif (CIF or c.i.f.)

on CIF termsCIF Manchester

сокр. от cost, insurance, freight; сиф; стоимость, страхование и фрахт Ex. A CIF sale contract requires the seller to obtain insurance cover for the voyage.на условиях сифсиф Манчестер, на условиях сиф Манчестер

delivered price цена с доставкой; цена, включая доставку (цена товара, включающая в себя расходы на транспортировку продукта от производителя (места продажи) к помещениям покупателя или другому, указанному покупателем, пункту назначения

clear customs 1. уплачивать таможенные пошлины2. проходить таможнюEx. It took ages to clear customs but then we were out of the airport quite quickly.

Fob (FOB or f.o.b.)

free on board price

сокр. от free on board франко-борт, фоб; франко-вагонцена FOB (цена, включающая собственно стоимость товара, а также транспортные и страховые расходы, понесенные продавцом вплоть до завершения погрузки товара на борт судна)Ex. The delivery locations of crude oil products are usually sea ports close to the oil fields from which the crude was obtained and the pricing is usually quoted based on F.O.B.

Types of prices

Part II1. Except for the most specialized ones, market information services do not attempt to report

prices for every type of crude traded. Instead, they cover crudes considered representative of particular refining centers. At Rotterdam in the Netherlands, for example, Brent crude from the North Sea is a normal benchmark. Brent also is quoted on the U.S. Gulf Coast, along with West Texas Intermediate. In Singapore, Dubai crude serves as a marker crude. In general, other crudes trade against these and other markers, with adjustments for quality dif ferences. Price variances of one crude against a marker are called differentials, which must be calculated for haul distances as well as quality.

2. Within the Organization of Petroleum Exporting Countries, Saudi Arabian Light crude once functioned as a benchmark. In recent years, the exporters' group has used a so-called basket of eight crudes in establishing its prices.

3. Price quotations for marker crudes at refining centers are usually spot prices. That is, they are the prices refiners pay for marginal volumes of crude, generally purchased cargo by cargo. They are distinguished from term prices, which are determined by contracts for continuous deliveries. Refiners once relied on term purchases for most feedstock needs to assure continuity of supply and used spot purchases to fill temporary shortfalls. In recent years they have tended to rely on spot purchases for more of their basic feedstock needs than before so as not to get locked into long term commitments to buy crude at prices that may prove higher than the market. Since spot purchases by nature represent marginal supply they are considered most representative of the market in which they are made at the

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time of transaction.4. Quotes for spot transactions at refining centers are usually cif prices. The acronym stands for

"cargo, insurance, and freight." Cif prices thus represent not just the price of the crude but also the costs of transporting it to market. "Delivered" prices are similar but include additional costs, such as those of clearing customs.

5. At the other end of the scale are fob prices. Another acronym: "free on board." The oil market usually assumes this to mean fob seller. The fob price represents crude costs at a seller's loading terminal to a buyer paying his own transportation, insurance, and other expenses. It should be obvious that cif prices vary with distance to market. When the fob price for Saudi Light crude is $17/bbl, for example, its cif price on the U.S. Gulf Coast exceeds its cif price in Rotterdam because of the greater haul distance. Like crude prices, product prices are quoted on both fob and cif bases.

6. "So who sets the price of oil?" someone inevitably asks, wanting a comprehensible answer that can be condensed into a sentence or two. When the victim of such an inquiry is a person who understands all the forces at work in the oil market and all the things "price of oil" can mean, the best answer is an indulgent smile and polite change of subject.

Text analysis

Find in Part II English equivalents to the following:Paragraph 1: они дают информацию о сортах нефти; другие сорта нефти торгуются против этих и других маркерных сортов;Paragraph 3: отдельными партиями; раньше с целью обеспечения непрерывности поставок переработчики закупали сырье на срок; связать себя обязательствами по долгосрочным контрактам;Paragraph 4: сокращенно от;Paragraph 5: на другой чаше весов;Paragraph 6: внятный ответ; лицо, подвергшееся такому допросу; все силы, действующие на рынке; снисходительная улыбка.

Ex. 4 Match A & BA B

benchmark the difference between the price that something is sold for and the cost of producing it

net a written statement of exactly how much money something will cost

commitment something that is used as a standard by which other things can be judged or measured

spot price happening or existing without stopping, prolonged without interruption

haulage the difference between the amount you have and the amount you need or expect

adjustment the business of carrying goods in trucks or trains for other companies

shortfall remaining after all deductions, as for taxes, expenses, losses, etc

quotation a promise to do something or to behave in a particular way

margin a small change made to a machine, system, or calculation

continuous the price for immediate delivery of a commodity

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Ex. 5 Say whether the following statements are true or false.

1. Market information services cover every type of crude traded.2. Brent crude serves as a universal benchmark for all stock exchanges.3. Crude prices are calculated without considerations for haul distances and quality.4. A basket of eight crudes is used for establishing prices at Rotterdam.5. Marker crude prices at refining centers are usually term prices.6. Spot prices are distinguished from term prices by the quality of crude.7. Refiners used to rely on spot purchases so as not to get locked into long term commitments.8. Term prices are usually higher than the market.9. Cif prices include the price of the crude and the costs of transporting it to market.10. Fob prices vary with distance to the market. 11. Product prices are quoted on both fob and cif bases.

Word-building

Negative prefix de- is used to form words with the opposite meaning, e.g. increase - decreaseEx. 6 Translate the following verbs into Russian without a dictionary

decontaminatedeactivate decaffeinatedechlorinate decode decolorize decompose decompress decrement de-energizedeform degasdegeneratedehydratedemonopolizedeodorizedepopulatedepreciatedesalinatedesulfurize devaluate

Ex. 7Match A & Bdecontaminate drinking water sources сокращение выбросов двуокиси углеродаdepreciation of the value of the US dollar сокращение численности сельского населенияdehydrated fruits отключенная линияdecaffeinated coffee распад Советсткого Союзаdehydration of crude oil сжигание органического топлива и уничтожение

лесов привело к увеличению концентрации

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двуокиси углерода в атмосфереdecolorizing agent сухофруктыdecrement in carbon dioxide emissions списанные активыthe Bolivian peso devaluated by 93% обеззараживать питьевую водуrural depopulation обезвоживание нефтиdeenergized line обесцвечивающее средствоdecomposition of the Soviet Union кофе без кофеинаcombustion of fossil fuels and deforestation have caused an increase of atmospheric concentration of carbon dioxide

падение курса доллара

deactivated assets боливийский песо обесценился на 93%

GRAMMARPronoun “that/those” is used to refer to a particular person/people or thing/things of the general type that

has/have just been mentioned:His own experience was different from that of his friends.Его собственный жизненный опыт отличался от жизненного опыта его друзей.

Ex. 8 Read and translate the following sentences into Russian:

1. In Norway wages from industry exceed those from agriculture.2. In general, chemists figure out what needs to be done, and refining engineers figure out how to do it.

Related to their activities are those of marketing specialists who think of ways to make consumers buy their products rather than those of competitors.

3. The capacities of transportation and storage functions are easier to visualize than those of production.4. The value of the dollar, like those of all currencies except those of centrally planned economies, is

determined by international currency trading.5. Russia's oil exports exceeded those of the United States between 1897 and 1902, when there was a

temporary increase in Russian output.6. Costs that change in proportion to the amount of crude run through the refinery are said to be variable;

obviously, the principal variable cost is that of crude.7. The Soviet Union lost its leading position in oil production once more in 1928 — this time to Venezuela,

whose output was to remain either slightly above or slightly below that of the Soviet Union until the early 1940s.

8. Last year the consumption of gasoline went up to 5,430,000 tonnes, and that of motor oil was 5,504,000 tonnes.

9. There is debate over what the effects of the 2000s energy crisis will be over the long term. Some speculate that an oil-price spike2 could create a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Increased petroleum prices are however reflected in a vast number of products derived from petroleum, as well as those transported using petroleum fuels.

Ex. 9 Translate the sentences into English:1. Затраты при доставке тонны нефти через Приморск ниже, чем при доставке через Вентспилс.2. Ожидается, что уровень добычи нефти на данном месторождении будет выше, чем на

месторождениях Северного моря.3. Мощность введенного в строй в этом году НПЗ превышает мощность старого завода в три раза.4. Уровень и качество жизни в развитых странах значительно отличается от уровня и качества жизни

в развивающихся странах.5. Глубина переработки на этом НПЗ лучше, чем у их конкурентов.6. Прогнозы специалистов компании Бритиш Петролеум относительно истощаемости запасов нефти

2 резкий скачок цен

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отличаются от прогнозов сторонников теории Пика добычи нефти.7. Зарплата сотрудников северного филиала нашего предприятия выше зарплаты сотрудников

московского отделения.8. Запасы природной нефти превышают нетрадиционные (unconventional) запасы нефти.9. Отличительной чертой газопроводов является то, что их диаметр намного больше диаметра

нефтепроводов. 10. Размер капиталовложений в строительство газопровода пропорционален ?

Ex. 10 State the function of italicized words and translate the sentences into Russian:N – v

1. Porsche said its new 911 Carrera 4s would be very competitively priced.2. The price of fuel keeps going up.3. After agriculture, overseas trade accounts for the largest portion of the economy.4. The company trades in silk, tea, and other items.5. $29.90 a month covers the cost of all your insurance.6. For years he had used his position at the United Nations as a cover for his spying

activities.7. Fast food is certainly a growth market with some of the main names developing their

brands with great success.8. Many companies market their products abroad through distributors.9. Real estate values continue to rise.10. The new managers had to learn how to think, feel, and value as managers instead of as

individual contributors.11. The GNP (gross national product) figures measure the rate of growth in the economy.12. An inch is a measure of length.13. The company supplies products and services to the energy sector.14. The nation's fuel supplies will not last forever.15. ‘Datapost’ offers a delivery service to over 160 countries.16. The weakness of the economy still makes it harder for companies to service their debt.

Active vocabulary

Ex. 11 Read and translate the sentences into Russian:1. The oil company has closed the refinery, which was only marginally profitable.2. Canada’s unemployment rate declined to 7.5% in June from 7.6 in May, as a result of a

marginal increase in employment.3. Brent blend is a light crude oil, containing approximately 0.37% of sulphur, classifying it as sweet

crude. 4. Companies need to know how much return they can expect from their IT investments: they need

benchmarks to see how their systems are performing.5. B&H Maritime transports dry bulk cargo (coal, food grains, iron) and refined petroleum

products.6. From the mid-1980s to September 2003, the  price of a barrel of crude oil on NYMEX3 with

adjustment for  inflation was generally under $25/barrel.7. This year the company is expecting a $300 million budget shortfall.8. Many new oil and gas fields in the UK are small, technically complex and economically

marginal.9. One-quarter of the nation’s oil supply is shipped via the pipeline.10. Do not be afraid to seek professional advice before making a contractual commitment.11. A mortgage may be the largest financial commitment you will make in your life.

3 Нью-Йоркская товарно-сырьевая биржа

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12. The OPEC Basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices.

13. The International Petroleum Exchange, based in London, is one of the world's largest energy futures and options exchanges. Its flagship commodity, Brent Crude is a world benchmark for oil prices, but the exchange also handles futures contracts and options on gas oil, natural gas, electricity (baseload and peakload), coal contracts and, as of 22 April 2005, carbon emission allowances with the European Climate Exchange.

14. The agreement signed between Lybia and Western oil companies in 1971 raised posted prices of oil delivered to Mediterranean from $2.55 to $3.45 per barrel.

15. Experts agree that oil is a pollutant and that its usage should be made as efficient as possible and not wasted. The same holds true for electricity

16. The American Petroleum Institute, commonly referred to as API, is the main U.S trade association for the oil and natural gas industry, representing about 400 corporations involved in production, refinement, distribution, and many other aspects of the industry.

17. Although Hubbert peak theory receives most attention in relation to peak oil production, it has also been applied to other natural resources.

18. Supertanker is an informal term used to describe the largest tankers. Today it is applied to very-large crude carriers (VLCC) and ultra large crude carriers (ULCC) with capacity over 250,000 DWT. These ships can transport two million barrels of oil. By way of comparison, the combined oil consumption of Spain and the United Kingdom in 2005 was about 3.4 million barrels (540,000 m3) of oil a day.

19. Crude oil benchmarks, also known as oil markers, were first introduced in the mid 1980s. There are three primary benchmarks, WTI (West Texas Intermediate), Brent Blend, and Dubai. Other well known blends include the Opec basket used by OPEC, Tapis Crude which is traded in Singapore, Bonny Light used in Nigeria and Mexico's Isthmus. The Energy Intelligence Group has published a handbook which identifies 161 different blends in total. Benchmarks are used because there are many different varieties and grades of crude oil. Using benchmarks makes referencing types of oil easier for sellers and buyers.

20. In the USA, as well as in most developed countries, the low-end market consists of lower-priced products suitable for customers who are not willing or able to spend large amounts of money. In developing countries, some low-end products may be considered high-end or even luxury items.

21. The HP LaserJet 1012 is a low-end, monochrome laser printer from Hewlett-Packard that retails for US $199.99

22. Upmarket (or high-end) commodities are products, services or real estate targeted at high-income consumers. Examples of products would include items from Lexus, Mercedes-Benz, Hammacher-Schlemmer, and Chanel.

23. Ghawar (Arabic:الغوار) is an oil field in Saudi Arabia. It is located about 100 km (62 mi4) WSW5

from the city of Dhahran in Al-Ahsa county of the Eastern Province. Measuring 280 km × 30 km (170 mi × 19 mi), it is by far the largest conventional oil field in the world.

24. Saudi Aramco is the state-owned national oil company of Saudi Arabia. It is the largest oil corporation in the world with the largest proven crude oil reserves and production. It is thought to be by far the world's most profitable company.

25. Petroleum is vital to many industries, and is of importance to the maintenance of industrialized civilization itself, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

26. Pengrowth, a Canadian oil company, produces petroleum ranging from heavy crude oil to light oil, natural gas liquids, and natural gas.

27. Much of Nigeria's petroleum is classified as "light" or "sweet", meaning the oil is largely free of sulphur. Nigeria is the largest producer of sweet oil in OPEC. This sweet oil is similar in

4 mile5 West-south-west

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constitution to petroleum extracted from North Sea.28. Dubai Crude is a light sour crude oil extracted from Dubai. Dubai Crude is used as a price

benchmark or oil marker because it is one of only a few Persian Gulf crude oils available immediately. The other two main oil markers are Brent Crude and West Texas Intermediate.

29. Statoil was one of the largest net sellers of crude oil in the world, and a major supplier of natural gas to the European continent.

30. The US dollar and the euro are by far the most used currencies in terms of global reserves, making up 90% of all reserves globally.

31. A wide variety of benchmark crude oils worldwide are considered to be light. The most prominent in North America is West Texas Intermediate which has an API gravity of 39.6° API (827 kg/m3). It is often referred to by publications when quoting oil prices.

32. Chemical processes may be run in continuous or batch operation. In continuous operation, all steps are ongoing continuously in time. During usual continuous operation, the feeding and product removal are ongoing streams of moving material, which together with the process itself, all take place simultaneously and continuously.

33. When prices of a necessity such as oil rise significantly, demand for luxuries tends to decline and their prices, therefore, to fall. The adjustment has nothing to do with inflation, although it might occur with inflation in progress for other reasons.

Ex. 12 Fill in the gaps in the sentences with the following words and word combinations: Adjust, hold true, net, clearing customs, marginally, shortfall, commitments, range (2 n., v.)

1. Holding a reserve currency in significant quantities permits the issuing country to purchase the commodities at a ___________ lower rate than other nations, which must exchange their currency with each purchase and pay a transaction cost.

2. In early 2007 the Canadian House of Commons Standing Committee on Natural Resources considered that the use of nuclear power to process oil sands could reduce CO2 emissions and help Canada meet its Kyoto ____________.

3. The 2005 Atlantic hurricane season was the most active hurricane season in the SUA and had far-reaching economic consequences. Because of the vulnerability of both oil extracting and refining capacity in the Gulf of Mexico, storms led to speculative spikes in the price of crude oil. The damage to refinery capacity in the United States caused gasoline to soar to record prices (even _______ for inflation).

4. There is a wide of organic, or hydrocarbon, compounds in any given fuel mixture.5. In monetary economics, the quantity theory of money is the theory that money supply has a direct,

positive relationship with the price level. The theory was challenged by Keynesian economics, but updated by the monetarist school of economics. While mainstream economists agree that the quantity theory in the long-run, there is still disagreement about its applicability in the short-run. Critics of the theory argue that money velocity is not stable and, in the short-run, prices are sticky6, so the direct relationship between money supply and price level does not hold.

6. The petroleum industry in Mexico makes it the sixth largest producer of oil in the world and the tenth largest in terms of export as of 2007. It is the second largest oil producer in the Western Hemisphere behind only the United States and just ahead of Canada.

7. After the government announced a 112 million USD budget deficit, mostly due to in oil exports due to technical problems, the president decided to take a 25% pay cut and encourage other members of the government to do so.

8. Customs broker is a profession that involves the barriers for importers and exporters (usually businesses). This involves the preparation of documents and/or electronic submissions, the calculation (and usually the payment) on behalf of the client of taxes, duties and excises, and facilitating communication between the importer/exporter and governmental authorities.

6 Жесткие цены

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9. Fossil fuels from volatile materials with low carbon:hydrogen ratios like methane, to liquid petroleum to nonvolatile materials composed of almost pure carbon, like anthracite coal.

Ex. 13 Translate the following collocations into Russian. Use a dictionary:a. prices go upb. prices risec. prices increased. prices soare. prices reach their highf. prices go downg. prices fallh. prices drop i. prices fluctuate j. a price rise/increasek. a twofold price increasel. a reduction/fall/drop in prices m. put up/increase/raise prices n. cut/lower/slash prices o. agree (on) a pricep. fix a price q. quote a pricer. price freeze (=when prices are kept at the same level) s. price war (=when shops try to have the lowest prices)t. trigger a price waru. prices peak

Ex. 14 Translate into Russian1. Oil prices soared to a new record.2. An energy crisis is any great bottleneck (or price rise) in the supply of energy resources to an

economy. 3. The 1990 oil price shock was numerically milder and more brief than previous oil crises, lasting

only 3 quarters, and contributed to the early 1990s recession. The price increases occurred after the Iraqi invasion of Kuwait on August 2. Prices rose from $21 per barrel at the end of July to $28 on August 6, reaching $46 by mid-October. Although the 1990 oil price shock is often considered to have been mild, it has been argued that its macroeconomic effects were on the same scale as previous oil shocks. One explanation is that government regulatory reactions did not react in a flexible manner.

4. Rising prices make investments in new capacity look attractive.5. Crude oil peaked at $147 per barrel in July 2008, before dropping in mid summer. The increase

has been blamed on a number of factors, including increased demand from developing economies outstripping7 supply, political instability and nervousness in oil exporting countries such as Iraq, Iran and Nigeria, as well as (at various times) hurricanes off the American gulf coast.

6. Saudi Oil Minister claimed that Saudi Arabia would not sell over the OPEC price but would remain committed to the reduction of oil prices.

7. OPEC pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations.

8. In the 1973 energy crisis OPEC refused to ship oil to western countries that had supported Israel in the Yom Kippur War8 or 6 Day War, which they fought against Egypt and Syria. This refusal caused a fourfold increase in the price of oil, which lasted five months.

7 опережающий8 Война Судного дня

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9. From 1998 to 2004 the price of gasoline in the US was between $1 to $2 USD per U.S. gallon. After 2004, the price increased until the average gas price reached a high of $4.11 per U.S. gallon in mid-2008, but has receded to approximately $2.60 per U.S. gallon as of September 2009.

10. OPEC output in 1985 hit 18 MMB/D boosting a glut9 and triggering a price war.

Ex. 15 Fill in the blanks with the word combinations and translate the sentences into Russian:

investment pattern - направление капиталовложенийpatterns of ownership - формы собственностиsales pattern - структура сбытаtrading pattern – структура торговлиconsumption pattern - структура потребленииbehavioural pattern – модель поведенияhistoric pattern – исторически сложившаяся структура

1. The recent recession has changed the investment pattern in the energy sector.2. Like other former Soviet States, Armenia's economy suffers from the legacy10 of a centrally

planned economy and the breakdown of former Soviet trading patterns. 3. Petroleum is vital to many industries, and is of importance to the maintenance of industrial

civilization itself, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East. Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers.

4. Standard economic theory suggests that technological improvements increase energy efficiency, rather than reduce energy use. This is called the Jevons Paradox and it is said to occur in two ways. Firstly, increased energy efficiency makes the use of energy relatively cheaper, thus encouraging increased use. Secondly, increased energy efficiency leads to increased economic growth, which pulls up energy use in the whole economy. Advocates of this theory believe that technology needs to be able to change behavioural patterns, it can do this by allowing energy users, business and residential, to see graphically the impact their energy use can have in their workplace or homes.

5. The economy of Bolivia has had a historic pattern of a single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political instability and difficult topography have constrained efforts to modernize the agricultural sector.

6. As liquid hydrocarbons, oil or LNG, flow from the wellhead to the consumer, patterns of ownership change along the course.

7. The international oil sales pattern experienced a dramatic change when Russian oil industry developed a major export capability in the mid-1880s, with the opening of a trans-Caucasian railway which made it possible to ship oil from the Black Sea. Russia subsequently established a dominant position in markets east of Suez while taking a substantial minority share of the European market.

Ex. 16 Render the following into English:

Сорта нефти

Сорта товарной нефти — вызванное неоднородностью качества сырой нефти деление на сорта. Введение сортности11 необходимо в связи с разностью состава нефти (содержания серы, различного содержания

9 вызывать перенасыщение рынка10 наследие11 Grades of quality

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групп алканов, наличия примесей) в зависимости от месторождения. Стандартом для цен служит нефть сорта «брент».

Чтобы упростить экспорт были придуманы некие стандартные сорта нефти, связанные либо с основным месторождением, либо с группой месторождений. Для России это тяжелая Urals и легкая нефть Siberian Light. В Великобритании — Brent, в Норвегии — Statfjord, в Ираке — Kirkuk, в США — Light Sweet и WTI. Часто бывает, что страна производит два сорта нефти — лёгкую и тяжёлую. Например в Иране это Iran Light и Iran Heavy.

Ex. 17Do you know any magic numbers?Read about the magic number for oil and translate it into Russian in writing:

The Magic Number

The magic number is a term in economics that denotes the price of crude oil (measured in dollars per barrel) at which a crude oil exporting economy runs a deficit.

Some countries support almost all spending12 from income derived from oil exports. As the price of oil drops, these countries take in less revenue from oil. The magic number denotes the point at which the revenue from oil is no longer sufficient to pay for spending. Mathematically, this can be expressed by the inequality:

Q x P › S

where Q is the quantity of oil exported, P is the price, and S is spending. The magic number is the value of P at which this inequality no longer holds true - that is, that the economy runs a deficit.

PFC Energy, an energy consulting firm, publishes the magic number for all the OPEC nations.

"Qatar is at $21 a barrel, because it brings in much more oil money than it spends. Saudi Arabia's break-even point13 is at $49 a barrel. And Venezuela is at $58, second only to Nigeria's $65."

Ex. 18 Use the words below to fill in the gaps:average, barrel, benchmarks, gravity, impact, inventories, marker, spot price, storage facilities, sulphur,

Price of petroleum

Weekly reports on crude oil ________or total stockpiles in _________ _________ have a strong bearing on oil prices. The price of petroleum means the _______ ______ of either WTI/Light Crude as traded on the New York Mercantile Exchange (NYMEX) for delivery in Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe. The price of a _________of oil is highly dependent on both its grade, determined by factors such as its specific __________ or API and its __________ content, and its location. The vast majority of oil is not traded on an exchange but on an over-the-counter basis, typically with reference to a __________ crude oil grade that is typically quoted via pricing agencies such as Argus Media Ltd and Platts. Other important __________ include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the Imported Refiner Acquisition Cost, the weighted _________ cost of all oil imported into the US, as its "world oil price".The demand for oil is highly dependent on global macroeconomic conditions. Some economists say that high oil prices have a large negative _________on the global growth.

12 несут все издержки13 уровень безубыточности

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The Organization of the Petroleum Exporting Countries (OPEC) was formed to maintain the price of oil at a level most beneficial to its membership considered as a whole, and is considered to be a cartel by some observers. Oil prices have witnessed significant falls and dramatic rises in the course of the international oil trade history.

(from Wikipedia, the free encyclopedia)

Ex. 19 Render the following into English

Цены на нефть и их экономическое значение

Цены на нефть, как и на любой другой товар, определяются соотношением спроса и предложения. Если предложение падает, цены растут до тех пор, пока спрос не сравняется с предложением. Особенность нефти, однако, в том, что в краткосрочной перспективе спрос малоэластичен: рост цен мало влияет на спрос. Редкий владелец автомобиля начнёт ездить в автобусе из-за роста цен на бензин. Поэтому даже небольшое падение предложения нефти приводит к резкому росту цен.

В среднесрочной перспективе (5—10 лет), однако, ситуация иная. Рост цен на нефть заставляет потребителей покупать более экономичные автомобили, а компании — вкладывать деньги в создание более экономичных двигателей. Новые дома строятся с улучшенной теплоизоляцией, так что на их обогрев тратится меньше топлива. Благодаря этому, сокращение добычи нефти приводит к росту цен лишь в первые годы, а затем цены на нефть опять падают.

В долгосрочной перспективе (десятилетия) спрос непрерывно увеличивается за счет увеличения количества автомобилей и им подобной техники. Относительно недавно в число крупнейших мировых потребителей нефти вошли Китай и Индия. В XX веке рост спроса на нефти уравновешивался нахождением новых месторождений, позволявшим увеличить и добычу нефти. Однако многие считают, что в XXI веке нефтяные месторождения исчерпают себя, и диспропорция между спросом на нефть и её предложением приведёт к резкому росту цен — наступит нефтяной кризис. Некоторые считают, что нефтяной кризис уже начался, и рост цен в 2003—2008 годах является его признаком.

Так, потерпев поражение в Войне Судного дня, арабские страны решили в 1973—1974 годах сократить добычу нефти на 5 млн баррелей в день, чтобы «наказать» Запад. Другие страны сумели увеличить добычу на 1 млн баррелей в день. Общая добыча нефти сократилась на 7 %, но цены выросли в 4 раза. Цены на нефть сохранялись на высоком уровне (хотя и не таком высоком, как во время бойкота) и в середине 1970-х годов, дальнейший толчок им дала иранская революция и ирано-иракская война. Своего пика цены достигли в начале 1980-х годов. После этого, по причинам, описанным выше, цены начали падать. За несколько лет они упали более чем втрое. После вторжения Ирака в Кувейт в 1990 году цены выросли, но быстро упали опять, после того как стало ясно, что другие страны легко могут увеличить добычу нефти. После разгрома Ирака в 1991 году цены продолжали падать и достигли своего минимума $11 за баррель в 1998 году, что с учётом инфляции соответствует уровню начала 1970-х годов. В России это привело, в частности, к упадку нефтяной промышленности и стало одной из причин дефолта.

Страны ОПЕК сумели договориться о сокращении добычи нефти, и к середине 2000 года цены достигли $30 за баррель. С конца 2003 до 2005 включительно произошёл новый резкий скачок цен, в мае 2008 была достигнута цена $135, и удерживается на уровне выше $100. Некоторые считают причиной этого скачка цен предполагаемое вторжение США в Иран, по мнению других, он знаменует начало давно ожидаемого нефтяного кризиса, когда истощающимся месторождениям всё труднее удовлетворить растущий спрос на нефть. Большинство аналитиков считают, что эта цена будет снижена. Одни называют цифру 40, другие 75 долларов за баррель.

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Цена нефти в феврале 2008-го уже превышала психологически важную отметку в 100 долларов за барель, в марте высокие темпы роста цен продолжились(110$). Максимальная цена нефти сорта WTI (Light Sweet) была достигнута 11 июля 2008 года, превысив $147 за баррель.

В октябре 2008 цена на нефть опустилась ниже 67 долларов за баррель в результате глобального экономического кризиса и достигла своего 12 месячного минимума.

Следует отметить, что рост мировых цен на нефть всегда разгоняет долларовую инфляцию, так как США крупнейший потребитель нефти.

Ex. 20 Read the text below and make a summary

How Capitalism Saved the Whales

by James S. Robbins

Part II

The Role of Technology in Saving the Whales

Yet, the American whaling industry peaked in the 1850s. The reason for its decline was not because of public awareness of the evils of whaling, it was not because of consciousness-raising efforts by pioneer environmentalists, and it definitely was not because of legislation. The whales were saved because of the march of technology.

The first step that led to saving the whales was made by Dr. Abraham Gesner, a Canadian geologist. In 1849, he devised a method whereby kerosene could be distilled from petroleum. Petroleum had previously been considered either a nuisance, or a miracle cure (an idea originating with Native Americans).

Earlier coal-gas methods had been used for lighting since the 1820s, but they were prohibitively expensive. Gesner's kerosene was cheap, easy to produce, could be burned in existing lamps, and did not produce an offensive odor as did most whale oil. It could be stored indefinitely, unlike whale oil, which would eventually spoil. The American petroleum boom began in the 1850s. By the end of the decade there were thirty kerosene plants operating in the United States. The cheaper, more efficient fuel began to drive whale oil out of the market.

The man most responsible for the commercial success of kerosene was John D. Rockefeller. In 1865, at the age of 25, he went into partnership with Samuel Andrews, the part-owner of a Cleveland refinery. Rockefeller had sensed that too much capital was being invested in finding and extracting oil, and not enough was being invested in its processing. Backed by investors, he set up a network of kerosene distilleries which would later develop into Standard Oil.

As kerosene became generally available throughout the country, the demand for whale oil dropped dramatically. The 735-ship fleet of 1846 had shrunk to 39 by 1876. The price of sperm oil reached its high of $1.77 per gallon 47 cents per litre in 1856; by 1896 it sold for 40 cents per gallon 11 cents per litre. Yet it could not keep pace with the price of refined petroleum, which dropped from 59 cents per gallon 16 cents per litre in 1865 to a fraction over seven cents per gallon two cents per litre in 1895.

Rockefeller, too, would eventually find himself having to adapt to the changing market. A new invention soon snuffed out both flame-based lighting systems. In 1879 Thomas A. Edison began marketing the incandescent light bulb he had invented the previous year. Arc-light technologies had existed since the turn of the century, but it was Edison who devised the modern, commercially feasible light bulb, which produced an even light, burned longer and brighter than oil or kerosene, and was much safer than an open flame. As the country was electrified,

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whale oil and kerosene were both driven from the illumination market.American whaling might have expired then, but for the vagaries of fashion. The peripheral market in

baleen and whalebone suddenly exploded as more women began to wear corsets, bustles, and other garments that relied for their shape upon the pliant material. From 32 cents per pound 71 cents per kilogram in 1870, whalebone rose to $1.12 per pound $2.47 per kilogram in 1875, and $3.25 $7.17 in 1878, reaching $5.00 $11.00 at the turn of the century. Whalebone constituted 80 percent of the value of a bowhead14 — sperm whales were given a respite because of their lack of baleen. But by 1908, this market crashed as well. Spring steel replaced whalebone in women's fashions, and as automobiles supplanted horse-drawn carriages, demand for whalebone buggy whips and wagon suspensions collapsed. A few American whalers stayed in business, but their time had passed. The last American whaler left port in 1924, and grounded on Cuttyhunk Island15 the next day.

Stopping technology in its tracks in the 1850s would have doomed the whales. But suppose whaling had been outlawed then, as it is now? The immediate effect would have been a dramatic decline in quality of life. Would kerosene and electric lamps have come on the scene any faster, in reaction to the sudden surge in demand for substitutes ? Maybe — but at the cost of the spirit of innovation which brought the inventions on the scene in the first place. A government which can squelch one endeavor, such as whaling, can outlaw any enterprise. The unpredictability and capriciousness of the state is the true enemy of innovation. Gesner, Rockefeller and Edison had no intention of saving the whales. Their primary motivation was to make a profit. If the government fosters an atmosphere in which innovation and profit making potential are subject to whims of bureaucrats, lawyers and politicians, and not based on the abilities of creative people to find innovative solutions to public needs, innovators will not set their minds to the task, and no state whip can force them to do so. In its time, killing whales was rational, goal-oriented activity, fulfilling human needs. It was not "mindless slaughter" for fun or sport. And the decline of whaling was also rational; human needs remained, even increased-but human ingenuity had found better ways to meet those needs. The whale industry declined — not because of concern for the whales, not because of legislation, but because they were no longer a necessary resource.

The whales were not the only beneficiaries of the technological advancements of the 19th century. The Galapagos tortoise was driven almost to extinction because the islands were in the center of a major whaling area, and sailors killed the tortoises for fresh meat. In northern lands, whalers sometimes killed blubber-rich arctic seals16 to augment their oil stores. Both of these animals were saved by the decline of whaling. Oil-drilling in Pennsylvania restored many lakes which had been contaminated by natural petroleum leaks. These were all unintended consequences; but the fact that technological development under capitalism manages to produce such consequences consistently argues in favor of the system.

Humans are problem solvers, and the human mind should not be prevented from doing what only it can do. Creative solutions are superior to state restrictions because they strike at the causes of problems, not their effects. Furthermore, just as creative action produces unintentional positive consequences, restricting innovation multiplies negative effects. No one, especially government agencies or neo-Luddites17, can anticipate the indirect or unintended favorable consequences of technological innovation. This is why Abraham Gesner, John D. Rockefeller and Thomas Edison saved more whales than Green Peace ever will.

Despite the extinction of American whaling, the whales were not yet safe. The whaling mantle passed to other countries, notably Norway, Japan, and the Soviet Union. Critics of technological development can point to other inventions which kept whaling on the margins of profitability, notably the rocket harpoon, and the harpoon cannon. The process of hydrogenation gave whale oil new markets in soap and margarine. A by-product of whale oil is glycerine, used in manufacturing explosives, and the two World Wars guaranteed a market. The Japanese took increasing numbers of whales for food, and the Soviets used them for animal fodder18 and fertilizer. By the middle of the 20th century whaling had revived. 14 полярный кит15 Cuttyhunk Island is the outermost of the Elizabeth Islands in Massachusetts16 морской котик17 The Luddites were a social movement of British textile workers in the early nineteenth century who protested — often by destroying mechanized looms (ткацкий станок) — against the changes produced by the Industrial Revolution, which they felt were leaving them without work.

18 Корм для скота

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The second cycle of whaling was more destructive than the first in absolute number; but it never equalled the per capita whale consumption of the previous century. Had per-capita rates of the 1850s continued unabated, the total would have been three times that number in the American market alone.

The situation would have been worse for less numerous species. In the first two decades of the 19th century, American whalers killed right whales19 at an average of almost 15,000 per year. When whaling dropped off at the end of the century, there were only about 50,000 right whales left alive.

From The Freeman, August 1992

Ex. 21 Read the text about the API and answer the questions below:

1. What were the preconditions for establishing the API?2. What were the missions of the API?3. What are the main functions of the institute?

The American Petroleum Institute

The American Petroleum Institute traces its beginning to World War I, when Congress and the domestic oil and natural gas industry worked together to help the war effort.

At the time, the industry included the companies created in 1911 after the court-imposed dissolution of Standard Oil20 and the "independents."  These were companies that had been "independent" of Standard Oil.  They had no experience working together, but they agreed to work with the government to ensure that vital petroleum supplies were rapidly and efficiently deployed to the armed forces.

The National Petroleum War Service Committee, which oversaw this effort, was initially formed under the U.S. Chamber of Commerce and subsequently as a quasi-governmental21 body.

After the war, momentum began to build to form a national association that could represent the entire industry in the postwar years.  The industry’s efforts to supply fuel during World War I not only highlighted the importance of the industry to the country but also its obligation to the public.

The American Petroleum Institute was established on March 20, 1919:

to afford a means of cooperation with the government in all matters of national concern

to foster foreign and domestic trade in American petroleum products to promote in general the interests of the petroleum industry in all its branches to promote the mutual improvement of its members and the study of the arts and sciences connected with

the oil and natural gas industry.

API offices were established in New York City, and the organization focused its efforts in several specific areas.

The first effort was to develop an authoritative program of collecting industry statistics.  As early as 1920, API began to issue weekly statistics, beginning first with crude oil production.  The report, which was shared with both the government and the press, was later expanded to include crude oil and product stocks, refinery runs and other data.

19 китовидный дельфин20 Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as an Ohio corporation, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational corporations until it was broken up by the United States Supreme Court in 1911. John D. Rockefeller was a founder, chairman and major shareholder, and the company made him a billionaire and eventually the richest man in history21 контролируемый государством

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API statistics remain one of the most credible sources of industry data and they are used worldwide.

The second effort was the standardization of oil field equipment.  During World War I, drilling delays resulted from shortages of equipment at the drill site, and the industry attempted to overcome that problem by pooling equipment.  The program reportedly failed because there was no uniformity of pipe sizes, threads22 and coupling23.  Thus, the new association took up the challenge of developing industry-wide standards and the first standards were published in 1924.

Today, API maintains more than 500 standards and recommended practices covering all segments of the oil and gas industry to promote the use of safe, interchangeable equipment and proven and sound engineering practices.

The third major area of activity was taxation.  Initially the efforts included working with the Treasury Department and congressional committees to develop an orderly, logical and easily administered way to tax oil assets.  In the 1930s, these efforts extended to working state governments.  Both the federal and state governments tax highways fuels to fund the building of roads, and the industry supported tougher laws against tax evasion.

This led to the formation of the API state petroleum council network. API now has offices in 21 state capitals and represents members in 33 states, all east of the Rocky Mountains.

In late 1969, API made the decision to move its offices to Washington, DC where we remain today.  With 400 corporate members, we are one of the country's largest national trade associations, and the only one that represents all aspects of America’s oil and natural gas industry.

[This short history of API is based on The Story of the American Petroleum Institute, by Leonard M. Fanning, 1959, and The American Petroleum Institute: An Informal History (1919 – 1987) by Stephen P. Potter, 1990]

Ex. 22 Read the conversation between the analyst and investor. Play the roles with your partner and discuss the topic of trading oil on the exchange market.

Беседа. Биржевая торговля нефтью

Сорта нефти. Биржевая торговля нефтью. Brent и Light Sweet - маркерные сорта.

Инвестор: Сейчас все и всюду говорят - цены на нефть достигли 80 долларов за баррель. Как цена формируется? Насколько мне известно, при этом оценивается баррель не российской нефти Urals, а сорта Brent. Как связана цена на Urals с ценой на сорт Brent? 

Аналитик: Сортов нефти в мире очень много. Почти каждая нефтедобывающая страна поставляет на мировой рынок несколько сортов нефти. Химический состав нефти отличается от скважины к скважине и чтобы упростить экспорт были придуманы некие стандартные сорта нефти. Для России это Urals и Siberian Light. В Великобритании - Brent, в Норвегии - Statfjord, в Ираке - Kirkuk, в США - Light Sweet. Часто бывает, что страна производит два сорта нефти - лёгкую и тяжёлую. Например в Иране это Iran Light и Iran Heavy. У нас легкая нефть - это Siberian Light, а Urals - тяжелая. 

Инвестор: Получается, что существует множество сортов нефти, отличающихся своими характеристиками. Соответственно, цены на эти сорта должны быть разные? 

Аналитик: Да. Цены на них разные и отличаются где-то в пределах 10-15%. На самом деле, даже внутри сорта есть некоторая разница. Например, есть понятие Urals черноморский и Urals

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балтийский. Инвестор: А как между собой различаются черноморский и балтийский Urals'ы и откуда

вообще взялось такое деление? Аналитик: Два самых крупных российских порта это Новороссийск на Черном море и

Приморск на Балтийском море. Магистраль, которая идёт к Черному морю собирает нефть одних производителей, а магистраль, которая идет к Балтийскому морю - других. В котировках мировых энергетических агентств указывается Urals ex-Black Sea и Urals ex-Baltic Sea. Так что есть даже такие различия. Вообще, сортов нефти очень много. Но почему мы обычно говорим о сортах Brent и Light Sweet? Потому что эти сорта торгуются на биржах, а Urals на бирже не торгуется. 

Инвестор: Вообще не торгуется? Аналитик: Вообще. Очень много лет идет дискуссия о том, что пора организовать торговлю

российской нефтью. В конце концов, физически нефти Urals добывается гораздо больше, чем Brent. Так почему же цена на Urals привязана к цене Brent, а не наоборот?

Инвестор: То есть нефти марки Brent добывается совсем немного? Аналитик: Brent - это нефть, которая добывается на нескольких месторождениях в Северном

море, у побережья Великобритании. Смесь Brent торгуется в Лондоне на InterContinental Exchange Futures (ICE Futures). 

Инвестор: Не слышал о такой бирже. Аналитик: Она больше известна как International Petroleum Exchange (IPE). Не так давно биржа

сменила своё название на ICE Futures. Инвестор: А в Америке что торгуется? Аналитик: В Америке торгуется Light Sweet на New York Mercantile Exchange. Есть два

мировых центра торговли нефтью - это бывшая IPE в Лондоне и NYMEX в Штатах. На них котируются так называемые маркерные сорта - Brent и Light Sweet. Другие сорта нефти продаются либо с надбавкой, либо со скидкой к маркерным. Для России основным ориентиром служит цена на Brent - всё-таки Штаты от нас далеко. 

Инвестор: Я так понимаю, что нефть-то мы в основном продаем в Европу? Аналитик: Нефть мы продаем в Европу, потому что Европа географически близка к нам.

Небольшое количество дальневосточной нефти уходит в Японию, и в страны Юго-Восточной Азии. Из Восточной Сибири идут поставки в Китай. Но всё это небольшие объёмы. А вот то, что добывается на Урале, в Западной Сибири, в европейской части страны (Поволжье, Тимано-Печора) уходит в Западную и Восточную Европу. 

Инвестор: А что такое "маркерные сорта"?Аналитик: В контрактах на поставку нефти цена указывается в виде скидки24 или надбавки25 к

котировке маркерного сорта. Скажем, стороны договариваются, что нефть будет поставляться по цене на четыре доллара дешевле, чем стоит Brent. В дальнейшем смотрят на биржевые котировки и путем вычитания согласованной разницы получают цену исполнения контракта. 

Инвестор: Brent - самая хорошая нефть? Аналитик: Нет, но одна из лучших. Urals хуже, чем Brent, он более сернистый, вязкий, из него

получается меньше бензина. В России есть месторождения качественной нефти, например Сандибинское, разработку которого ведёт "РИТЭК". Такую нефть прямо на месторождении заливают в цистерны и по железной дороге везут на Запад, чтобы она по дороге ни с чем не смешивалась. Конечно, перевозка в цистернах очень дорога, но за счёт того, что эта нефть продается дороже, чем Brent, такой способ транспортировки оправдан. 

24 discount25 extra charge

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