The Yomiuri Shimbun
Expedite freeze on oil production levels to stabilize crude prices
産油国会合不調 価格安定へ増産凍結を急げ

Oil ministers of major oil-producing countries, including Saudi Arabia and Russia, at a meeting on Sunday put off reaching an agreement on freezing oil output levels.
サウジアラビアやロシアなど、主要産油国による石油相会合が、増産凍結の合意を見送った。

In a bid to stem the decline in crude oil prices, they had aimed to freeze oil output at January levels. As Saudi Arabia was angered by the absence of Iran, which has indicated it would increase production, the ministers put off reaching an accord.
原油価格の下落に歯止めをかけようと、生産量を今年1月の水準で据え置くことを目指していた。だが、増産方針を示しているイランの欠席にサウジが反発したため、結論が先送りされた。

They are said to continue negotiating intermittently until the next meeting of the Organization of the Petroleum Exporting Countries scheduled in June.
6月に予定される石油輸出国機構(OPEC)総会まで、断続的に協議を続けるとしている。

Slumping crude oil prices not only have an adverse impact on the economies of oil-producing countries but also are risk factors for oil-consuming countries and the rest of the world.
原油価格の低迷は、産油国経済に悪影響を及ぼすだけでなく、消費国を含む世界全体のリスク要因となっている。

When combined, the crude oil output of the 18 countries that participated in the meeting accounts for half the world’s production. Major oil-producing countries must expedite their efforts in building a consensus on specific measures to stabilize oil prices, including freezing production levels.
会合に参加した18か国の原油生産量は、世界の半分を占める。主要産油国は、増産凍結を含む価格安定の具体策について、合意形成を急がねばならない。

Following the failure by oil-rich countries to agree to freeze production levels, crude oil futures, which had been traded in the lower half of the $40 range per barrel on the U.S. market, fell further to the upper half of the $30 range.
増産凍結の見送りを受け、1バレル=40ドル台前半で推移していた米国の原油先物相場は、30ドル台後半に下落した。

Fearing that further declines in crude prices may cause turmoil in financial markets, investors have taken a risk-avoidance stance, causing the yen to strengthen and stock prices to decline on the Tokyo market.
一段の原油安が金融市場の波乱要因になりかねないとして、投資家がリスク回避姿勢を強め、東京市場では円高・株安が進んだ。

For Japan, an oil-consuming country, a decline in crude oil prices would usually have a positive effect, but at the current time, the situation is different. We must not underestimate the possible negative impact on the Japanese economy when the pace of its economic recovery has been sluggish.
石油消費国の日本にとって、原油安は本来、プラスになるが、今の局面は状況が異なる。景気回復がもたつく中、日本経済に及ぼす負の影響は軽視できない。

Saudi-Iran rivalry

Oil-producing countries with tight fiscal situations may accelerate their moves to pull their oil money out of financial markets, causing stocks to plunge around the world. Such doubts and fears show signs of spreading. Strict observation of market trends in the days ahead is needed.
財政が逼迫ひっぱくした産油国が、オイルマネーを市場から引き揚げる動きを加速させ、世界的な株安を招くのではないか。そうした疑心暗鬼が広がりつつある。今後の市場動向に注意が必要だ。

Behind the failure of oil-producing countries to reach an accord is a tug-of-war for hegemony in the Middle East between Saudi Arabia, which refers to itself as the leader of Sunni Muslim nations, and Iran, a major Shiite-dominated country.
産油国が合意できなかった背景には、イスラム教スンニ派の盟主を自任するサウジと、シーア派大国のイランが繰り広げる中東の覇権争いがある。

Their confrontation has intensified as the two countries severed diplomatic ties in January following Saudi Arabia’s execution of a prominent Shiite cleric.
サウジがシーア派の宗教指導者を処刑したことを契機に、両国が今年1月に国交を断絶するなど、対立は激化している。

Saudi Arabia is strongly resistant to any agreement that would favor its rival Iran. Meanwhile, Iran can hardly go along with freezing output levels as the country has just begun increasing its production following the lifting in January of economic sanctions imposed by the United States and European countries over Tehran’s nuclear development.
サウジには、敵対するイランを利する内容での決着への抵抗感が強い。イランは、核開発を巡る米欧の経済制裁を1月に解除されて増産に踏み出したばかりで、凍結には乗りにくい。

It will not be easy to untangle the complex factors that are blocking an accord on freezing oil output. The roles Russia and the United States play are important as they are major oil-producing countries outside the Middle East.
合意を阻む複雑な要因を解きほぐすのは容易ではない。中東以外の産油国であるロシアと米国の役割は重要である。

Due to falling crude prices, Russia is suffering from negative economic growth as the country has been hit by the ruble’s sharp decline and high inflation. Meanwhile, the United States has seen the profit margins of its shale oil wells fall. While taking heed of the impacts on their own economies, Russia and the United States should press Saudi Arabia and Iran to reach some kind of compromise.
原油安で、ロシアは通貨ルーブルの急落とインフレに見舞われ、マイナス成長に陥っている。米国も、シェールオイル油田の採算が悪化している。自国経済への影響にも留意して、サウジとイランに歩み寄りを促すべきだ。

(From The Yomiuri Shimbun, April 19, 2016)

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