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

The oil (1) …………………….. divides into consuming and producing countries. The Consumer nations don’t have any oil fields to produce their own oil. They often import (2) …………………. oil, oil that is not refined. It’s sold by the barrel. High oil prices can have a (3) …………………….. impact on the economy of a consuming nation. If prices remain high for a long period, it affects prices of goods across economy. A general rise in prices is called(4) …………………………… and, as the last report pointed out, some economies can even go into (5) ……………………….. that’s a long period of falling economic activity. So in the year 2000, when prices stayed above thirty dollars a (6) ………………….., 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 (7) ………………………….. output and prices that led many oil-producing nations to establish an organization or (8) …………………..  in 1960 called the OPEC – the Organization of Petroleum Exporting Countries.

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