从这篇报道，可以看出西方对俄罗斯的“成见”有多深——说你要侵略你就是要侵略，同时也让我们看看普大帝接下来如何进行反制。
句子精选
Why (Russian Invasion Peril) Is Driving Oil Prices Near $100
标题，为何俄乌冲突危机推动油价逼近100美元
peril /’pɛrəl/ 危险；风险事故;危险事故；
注意这是二月十四日的报道，迄今俄罗斯未入侵他国。
(Spare supplies of oil and gas) are limited globally, making a Russian move on Ukraine a
serious geopolitical risk event
石油和天然气全球供应的短缺，使得俄罗斯在乌克兰的行动成为一个严重的地缘政治风险
[The threat of a Russian invasion of Ukraine] is shaking up (a fragile global oil
market), pushing prices closer to $100 a barrel as traders calculate that supplies will
struggle to cushion the effect from any (significant disruption in Russia fossil fuel
exports).
俄罗斯入侵乌克兰的可能性正在扰动脆弱的全球石油市场，推动油价逼近每桶100美元大关，交易员在拥注，如果
俄罗斯石油出口严重受限，市场供应方面将难以缓和这种冲击。
cushion /’kʊʃən/ vt 缓和
(Demand for oil) has [outpaced production growth] as economies slowly [rebound from] the
worst of the pandemic, leaving the market with a small buffer to [mitigate an
oil-supply shock].
outpace vt 超过，比…快；
rebound from 从…反弹；
leave xx with yy to do
随着各经济体摆脱新冠疫情的最严重阶段而缓慢回暖，石油需求已经超过了产量的增长速度，一旦石油供应出现突
发状况，市场所拥有的缓冲空间很小。
Russia is (the world’s third-largest oil producer), and if a conflict in Ukraine [leads to
a substantial decrease] in the flow of Russian barrels to market, it would [be perilous
for] the tight balance between supply and demand.
leads to-a substantial decrease 导致持续减少
be perilous for
俄罗斯是全球第三大产油国，倘若俄乌冲突导致俄罗斯石油出口大幅减少，当前石油供需之间的紧平衡将难以为
继.
Crude oil prices jumped to an eight-year high on Ukraine concerns Friday.
原油价格周五因为乌克兰危机跳升至8年来的高位。
We are [setting up for] (a period of turbulence), and the threat is more *pronounced
when energy markets are tight.
turbulence /’tɝbjələns/ 湍流，紊乱，动荡，骚乱;
pronounce 发声，宣布；
我们正在为一段时间的紊乱做准备。当能源市场供应紧张的时候，这种威胁更明显。
(Concerns about a potential Russian invasion) are adding to (what has been a volatile
stretch for stocks) amid concerns about higher inflation and rising bond yields.
在市场对通胀和债券收益率上升感到担忧的情况下，对于俄罗斯可能入侵乌克兰的优虑加剧了股市的波动。
For now, analysts say (a major disruption) appears unlikely, as the Biden administration
hasn’t signaled that (retaliatory measures) will include sanctions against Russia’s energy industry.
retaliatory /ri’tæliətəri/ 报复的
暂时而言，分析人士表示似乎不太可能出现重大供应中断，因为拜登政府未暗示报复包括对俄罗斯能源业的制裁。
Russia, (in turn), relies heavily on (revenue from its fossil-fuel exports), making it
unlikely to [shut the spigot] (in its own act of retaliation).
spigot /’spɪɡət/ 龙头，栓子；
shut the spigot 关闭龙头，这个短语很形象；
retaliation / rɪˌtælɪˈeʃən/ 报复
相应的，由于严重依赖化石燃料出口的收入，因此俄罗斯也不太可能把切断对外能源供应作为一种报复手段。
No punishment is [off the table], and war can lead to unpredictable outcomes.
off the table （离开桌面，引申为）免谈
on the table 讨论中
没有惩罚措施是不可能的，而目战争会导致不可预料的结果。
(A sharp rise) in prices for natural gas and oil could [have (ripple effects) on] the prices
of gasoline and many consumer goods, potentially [driving inflation higher].
天然气和石油价格的大幅上涨可能会对汽油和许多消费命的价格产生连锁反应，可能会推高通胀。
Russia [plays an outsize role in] (global commodity markets)。
俄罗斯在全球大宗商品市场上的影响力举足轻重。
The (tension over Ukraine) comes as the Organization of the Petroleum Exporting Countries
and its allies including Russia, known collectively as OPEC+, (pledged to] carefully [put
more barrels back on the market] as demand rebounds, but has [fallen short of its
oil-production targets].
在乌克兰局势紧张之际，欧佩克+(欧佩克和包括俄罗斯在内的盟友)承诺，随者需求的回升，将谨慎地向市场投放
更多原油，但该组织近来一直没有达到其石油广量目标。
Meanwhile, though (American frackers) are [dispatching more (drilling rigs)] [in response
to] high prices, (any substantial increase) in their oil production is still months away.
与此同时，尽管受高油价刺激，美国的页岩油开采商正在增派钻机以加大开采力度，但石油产量仍然需要好几个月
才能出现实质性增长。
(Shale companies) have [pledged to] limit production growth and return more cash to
shareholders, potentially limiting their ability to [fill any supply gap].
页岩油公司已承诺限制产量增长并向股东返还更多现金，这可能限制它们填补供应缺口的能力。
If Russia further reduces natural gas flows to Europe or U.S. sanctions limit them,
European companies would [struggle to] replace the supplies.
如果俄罗斯进一步減少输往欧洲的天然气，或吉美国的制裁限制俄罗斯的天然气输送量，那么欧洲公司将很难找到
替代供应商。
Other sanctions could still [have knock-on effects on] commodity markets.
针对其他行业的制裁措施仍可能在大宗商品市场产生连带效应。
A second round of sanctions, if the first fails to [deter Russia], would directly target
energy supplies.
如果第一轮制裁未能威慑俄罗斯，那么第二轮制裁将直接针对其能源供应。
原文
Why Russian Invasion Peril Is Driving Oil Prices Near $100
Spare supplies of oil and gas are limited globally, making a Russian move on Ukraine a serious geopolitical risk event
The threat of a Russian invasion of Ukraine is shaking up a fragile global oil market, pushing prices closer to $100 a barrel as traders calculate that supplies will struggle to cushion the effect from any significant disruption in Russian fossil fuel exports.
Demand for oil has outpaced production growth as economies slowly rebound from the worst of the pandemic, leaving the market with a small buffer to mitigate an oil-supply shock. Russia is the world’s third-largest oil producer, and if a conflict in Ukraine leads to a substantial decrease in the flow of Russian barrels to market, it would be perilous for the tight balance between supply and demand.
Those dynamics have led traders in recent days to price in a sizable geopolitical risk premium, according to analysts. Crude oil prices, which haven’t topped $100 a barrel since 2014, jumped to an eight-year high on Ukraine concerns Friday.
“We are setting up for a period of turbulence,” said Jason Bordoff, founding director of Columbia University’s Center for Global Energy Policy. “The threat is more pronounced when energy markets are tight.”
Concerns about a potential Russian invasion are adding to what has been a volatile stretch for stocks amid concerns about higher inflation and rising bond yields. Russia also is a sizable exporter of other commodities, including wheat, which could impact prices in the event of military conflict, analysts and consultants say.
For now, analysts say a major disruption appears unlikely, as the Biden administration hasn’t signaled that retaliatory measures will include sanctions against Russia’s energy industry. Russia, in turn, relies heavily on revenue from its fossil-fuel exports, making it unlikely to shut the spigot in its own act of retaliation, say analysts.
But the White House has said no punishment is off the table, and war can lead to unpredictable outcomes. The U.S. warned Friday that a Russian military invasion could happen at any moment, with tens of thousands of casualties. Russia, which has massed some 130,000 troops along Ukraine’s borders, denies it intends to invade its neighbor.
The stakes for the rest of the world are high. A sharp rise in prices for natural gas and oil could have ripple effects on the prices of gasoline and many consumer goods, potentially driving inflation higher.
Russia plays an outsize role in global commodity markets. It exports about 5 million barrels a day of crude, roughly 12% of global trade, and around 2.5 million barrels a day of petroleum products, about 10% of global trade, according to investment bank Cowen. About 60% of Russia’s oil exports go to Europe, and another 30% go to China.
The tension over Ukraine comes as the Organization of the Petroleum Exporting Countries and its allies including Russia, known collectively as OPEC+, pledged to carefully put more barrels back on the market as demand rebounds, but has fallen short of its oil-production targets.
The group last year agreed to lift output by 400,000 barrels a day each month. But so far it is more than 1 million barrels a day shy of its target, said Andy Lipow, an oil analyst and president of Lipow Oil Associates in Houston.
“The market now questions the ability of OPEC+ to restore production to the pre-pandemic levels,” Mr. Lipow said.
Saudi Arabia and the United Arab Emirates are the only two OPEC+ producers that appear to have significant amounts of spare production capacity, Mr. Lipow added. IHS Markit expects global oil demand to grow by between 3.8 million barrels and 4 million barrels a day from January to December, with another leg of strong growth expected after the Omicron variant of coronavirus subsides.
Meanwhile, though American frackers are dispatching more drilling rigs in response to high prices, any substantial increase in their oil production is still months away. Shale companies have pledged to limit production growth and return more cash to shareholders, potentially limiting their ability to fill any supply gap. Energy consulting firm Wood Mackenzie last week projected oil production from the contiguous U.S. would increase by 240,000 barrels a day by the end of 2022.
For now, the most likely energy disruption would be to Russia’s exports of natural gas, say analysts. Russia exports around 23 billion cubic feet of gas a day, about 25% of global trade, and 85% of that gas goes to Europe, according to Cowen. In particular, Russia’s flow of natural gas to Europe through a pipeline network in Ukraine could be disrupted during a conflict. The network transports about 4 billion cubic feet a day at full capacity to Europe but is currently flowing at about 50%, according to Cowen.
Russian natural gas flows to Europe have been running lower than usual in recent months. If Russia further reduces natural gas flows to Europe or U.S. sanctions limit them, European companies would struggle to replace the supplies. European gas prices have recently reached records and, as a result, the market already is directing much of the spare supply of liquefied natural gas to Europe. Most operational LNG facilities in the world’s largest exporters—the U.S., Qatar, and Australia—are running at full capacity, and there is little new supply to add.
Russia would pay a heavy price if its sale of fossil fuel exports is reduced. Approximately half of Russia’s federal budget is tied to oil and gas, according to investment bank Raymond James. President Biden said the Russian-built Nord Stream 2 natural-gas pipeline to Germany would be suspended if Russia invades Ukraine, which alone would result in an $11 billion write-down for state-owned energy company Gazprom, the bank said.
A reduction of natural gas also could have ripple effects in oil markets as stiff competition and higher prices for gas could force some power plants and others that run on gas to use oil instead, ultimately leading to higher oil prices, say analysts.
Even if the U.S. doesn’t target Russia’s energy industry, other sanctions could still have knock-on effects on commodity markets. Sanctions on financial institutions, for example, may make funding energy operations more difficult, said Matthew Reed, an analyst at Washington-based consulting firm Foreign Reports.
Mr. Reed said some are concerned that a second round of sanctions, if the first fails to deter Russia, would directly target energy supplies.
“The real risk here isn’t necessarily the first round of sanctions,” Mr. Reed said. “It’s the second round that comes after, if everyone realizes the first was a waste of time.”
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