# PTE Listening FIB #2: The Global Oil Market and...

Listening: Fill in the Blanks #2 - Level 1 - Feeds Listening

> You will hear a recording. Type the missing word in each blank.

The oil ____ divides into consuming and producing countries. Consumer nations don't have any oil fields. To produce their own oil, they often import ____ oil. Oil that's not refined, it's sold by the ____ . High oil prices can have a ____ impact on the economy of a consuming nation. If prices remain high for a long period, it affects the prices of goods across the economy. A general rise in prices is called ____ . And as the last report pointed out, some economies can even go into ____ . That's a long period of falling economic activity. So in the year 2000, when prices stayed above $30 a barrel, oil producing countries came under huge pressure to boost output, to increase production, to bring prices down. It was this need to have some control over ____ output and prices that led many oil producing nations to establish an organization or ____ in 1960 called OPEC, the Organization of Petroleum Exporting Countries.

## Answer

1. world
2. crude
3. barrel
4. devastating
5. inflation
6. recession
7. worldwide
8. cartel

## Explanation

The speaker links "oil world" quickly, so "world" in blank 1 is easy to miss. Do not mix it up with "worldwide" in blank 7, which describes output in all countries. "Crude" is explained right after as oil that is not refined. "Cartel" follows "organization or," so it names a group of producers.

## Hints

- Listen carefully to the speaker's pronunciation of the key terms in the lecture.
- Focus on the economic terms related to oil production and its impact on the economy.

## Transcript

The oil world divides into consuming and producing countries. Consumer nations don't have any oil fields to produce their own oil. They often import crude oil, oil that's not refined. It's sold by the barrel. High oil prices can have a devastating impact on the economy of a consuming nation. If prices remain high for a long period, it affects the prices of goods across the economy. A general rise in prices is called inflation. And as the last report pointed out, some economies can even go into recession. That's a long period of falling economic activity. So in the year 2000, when prices stayed above $30 a barrel, oil-producing countries came under huge pressure to boost output, to increase production to bring prices down. It was this need to have some control over worldwide output and prices that led many oil-producing nations to establish an organization or cartel in 1960 called OPEC, the Organization of Petroleum Exporting Countries.

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