Unit IV text: Types of Oil, Types of Prices Grammar: that/those of, with revision

Word-building

Ex. 6 Translate the following verbs into Russian without a dictionary

Ex. 7

GRAMMAR

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 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

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.
    
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 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.
   
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:

1. 
   prices go up
   
2. 
   prices rise
   
3. 
   prices increase
   
4. 
   prices soar
   
5. 
   prices reach their high
   
6. 
   prices go down
   
7. 
   prices fall
   
8. 
   prices drop
   
9. 
   prices fluctuate
   
10. 
    a price rise/increase
    
11. 
    a twofold price increase
    
12. 
    a reduction/fall/drop in prices
    
13. 
    put up/increase/raise prices
    
14. 
    cut/lower/slash prices
    
15. 
    agree (on) a price
    
16. 
    fix a price
    
17. 
    quote a price
    
18. 
    price freeze (=when prices are kept at the same level)
    
19. 
    price war (=when shops try to have the lowest prices)
    
20. 
    trigger a price war
    
21. 
    prices peak
    

Ex. 14 Translate into Russian

1. 
   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.
   
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 капиталовложений

patterns of ownership - формы собственности

sales pattern - структура сбыта

trading pattern – структура торговли

consumption pattern - структура потреблении

behavioural pattern – модель поведения

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.
   

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 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. 17

Do 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.

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

Directory: faculty -> humanities -> chairs and departments -> foreign language
faculty -> Course overview
faculty -> Curriculum vitae wei chen professor
faculty -> Digital image warping
faculty -> Samples of Elements Exam Question III contains All Prior Exam Qs III except
faculty -> 【Education&Working Experience】
faculty -> References Abe, M., A. Kitoh and T. Yasunari, 2003: An evolution of the Asian summer monsoon associated with mountain uplift —Simulation with the mri atmosphere-ocean coupled gcm. J. Meteor. Soc. Japan, 81
faculty -> Ralph R. Ferraro Chief, Satellite Climate Studies Branch, noaa/nesdis
faculty -> Cover page need figure & title by Proposed Table of Contents
foreign language -> Unit III grammar : revision

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