馬克林的世界

Investors are betting against Opec successfully cutting enough oil production to counteract the global economic slowdown as the cartel yesterday appeared deeply divided about how to respond to tumbling prices.

投資者正壓注於石油輸出國組織(Opec，簡稱：歐佩克)不會成功削減足夠多的石油產量，以抵消全球經濟放緩的影響。該組織昨日似乎在如何應對油價大幅下挫的問題上出現了嚴重分歧。

Most Opec ministers arriving in Vienna for today's emergency meeting voiced their support for a cut, but had widely divergent views about its size. The more hawkish nations want a cut of about 2m barrels a day while others favour a 750,000 b/d cut.

抵達維也納、參加今日召開的緊急會議的多數歐佩克石油部長，都表達了對減產的支援，但在減產規模問題上出現了很大分歧。較為強硬的國家希望每日減產約200萬桶，而其他國家則青睞於每日減產75萬桶。

Saudi Arabia, the group's most powerful member has been quietly reducing its supplies over the past weeks, but has been lobbying for restraint. Opec's hawks – Venezuela and Iran – were pushing for a deeper reduction, while other countries supported a medium-size cut now and another probably in December.

過去幾周，歐佩克內部最強大的成員國沙烏地阿拉伯一直在悄悄降低其石油供應，但同時呼籲保持克制。歐佩克內部的強硬派——委內瑞拉和伊朗——支持更大幅度的減產，而其他成員國則支援現在實行中等規模的減產，然後可能在12月進一步減產。

Given the divergent views and rapid weakening oil demand, traders said investors had built financial positions, ahead of today's meeting which suggest they believe prices could fall as low as $50 by December.

鑒於各成員國之間的意見分歧以及迅速減弱的石油需求，交易員表示，在今日歐佩克會議之前，投資者建立的金融部位表明，投資者認為，到今年12月，石油價格可能會跌至50美元。

The strong buying of put options – contracts that give holders the right to sell oil at a predetermined price and date – came as spot oil prices fell this week to a 16-month low of $ 66.2 a barrel. Oil prices recovered yesterday, rising $1.57 to $68.22. In the last four weeks, the number of oustanding put options contracts at $50 for December has risen almost 30 per cent, to 27,100 contracts, as investors seek protection from tumbling prices.

在投資者大舉購買賣出期權——這種合同賦予持有者根據提前約定的價格和日期賣出石油合約的權利——之際，現貨石油價格本周降至每桶66.2美元的16個月低點。油價昨日反彈，上漲1.57美元，至68.22美元。過去4周，隨著投資者希望從油價大幅下挫中尋求保護，未平倉的12月交貨、價格為50美元的賣出期權合約數量增加近30%，至2.71萬份。

譯者/梁豔裳