Former Saudi oil boss says it can handle low price
Mohammed al-Sabban said the country's policy was to defend its current market share by enduring low prices. (simple past) (Tense Function: to express ideas)
"You need to allow prices to go as low as possible in order to see those marginal producers move out of the market,(simple present)" he said.(simple past) (TF: to express ideas)
Mr al-Sabban advised the ministry for 27 years, leaving last year. (simple past) (TF: to express events that happened in the past)
Saudi Arabia, the largest producer within the Opec oil producers' cartel, has repeatedly said (present perfect)that it will not cut output to try to boost the oil price. (future tense) (TF: to express ideas)
Mr al-Sabban said (simple past) Saudi Arabia's "huge financial reserves" would enable it to cope with the low oil price. (past of the future) (TF:to express ideas)
The country is now in the process of cutting government spending. (simple present) (TF:to express change or developments/processes)
Without these cuts, Mr al-Sabban said, Saudi Arabia could not cope with low oil prices for more than four years. (past tense) (TF:to express ideas)
Falling further
Oil prices have more than halved since June. (present perfect) (TF:to express events that started in the past and continues to the present)
The dramatic fall has been blamed on a sharp increase in production from North American shale companies, which has increased the supply of oil and gas, helping to depress prices. (present perfect) (TF:to express events that started in the past and continues to the present)
Also undermining the price of oil are slowing global economic demand and a rising dollar against a range of other currencies. (present continuous) (TF:to express change or developments/processes)
The latter can flatter the oil price, which nonetheless can remain the same price in a local currency that buys fewer dollars. (present modal) (to express possibility)
On Monday, Brent crude was trading at around $49.40 a barrel, down 77 cents, and US crude was trading down 74 cents at $47.95 a barrel. (past continuous) (TF:to express actions that lasted for some time in the past)
The falls came after Saudi Arabia said again on Sunday (past tense) that it would not cut output to prop up oil markets. (past of the future) (TF:to express ideas)
Referring to countries outside of Opec, Saudi oil minister Ali al-Naimi said(past tense): "If they want to cut production they are welcome. We are not going to cut, certainly Saudi Arabia is not going to cut.(future tense)" (TF:to express ideas)
The Tone of the Text: It is informative because it informs us about oil prices.
Language Use: Reported speech and direct speech are used.
Comment on the Text: The author uses grammatically correct language and it is easy to understand.
The Tone of the Text: It is informative because it informs us about oil prices.
Language Use: Reported speech and direct speech are used.
Comment on the Text: The author uses grammatically correct language and it is easy to understand.
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