Presionan a la OPEP por alza de precios

El alza de precios preocupa al Occidente.

The G7 group of wealthy countries has called for lower oil prices at a meeting in New York. Saudi Arabia has promised to increase oil production, to bring down prices, but other oil-producing countries have not joined them so far and the political pressure is increasing. This report from Steven Evans:

Finance ministers from the industrial countries are turning up the political pressure on OPEC, calling on the cartel to raise production to bring prices down, when it holds a formal meeting in just under two weeks.

At that meeting in Beirut it will decide whether to go along with Saudi Arabia's intention of raising output. Much turns on the decision. Oil prices are not as high in real terms now as they were after the Yom Kippur war thirty years ago, or later wars in the Middle East, when high oil prices caused global recessions.

All the same, finance ministers in the oil consuming countries say the recent rise in oil prices has caused difficulty. Firstly, high fuel prices are invariably politically painful. Britain has suffered protests by motorists in the past. Americans are complaining about gas at the pumps above two dollars a gallon.

Higher oil prices also act like a tax on economies, slowing growth and perhaps rekindling inflation.

Steven Evans, BBC, New York

turning up the political pressure
aumentando o incrementando la presión política

OPEC (Organisation of Petroleum Exporting Countries)
OPEP (Organización de Países Exportadores de Petróleo) Con 11 países miembros, la OPEP produce alrededor del 40% del petróleo mundial.

cartel
cártel -acuerdo entre países u organizaciones para controlar la producción y los precios

go along with
aprobar, acordar, suscribir

intention
intención, plan

Much turns on the decision
Mucho depende de esa decisión

in real terms
en términos reales - de acuerdo con el costo de la vida actual

All the same
En cualquier caso

motorists
conductores

rekindling
reavivar