reut-00012.xml

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<?xml version="1.0"?><REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="12456" NEWID="273"> <DATE>2-MAR-1987 01:05:49.72</DATE> <TOPICS>  <D>crude</D> </TOPICS> <PLACES>  <D>saudi-arabia</D>  <D>uae</D> </PLACES> <PEOPLE/> <ORGS>  <D>opec</D> </ORGS> <EXCHANGES/> <COMPANIES/> <UNKNOWN>RM   f0600 reuteb f BC-SAUDI-FEBRUARY-CRUDE   03-02 0095</UNKNOWN> <TEXT>  <TITLE>SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD</TITLE>  <DATELINE>ABU DHABI, March 2 -</DATELINE>  <BODY>Saudi crude oil output last month fellto an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpdin January, Gulf oil sources said.    They said exports from the Ras Tanurah and Ju&apos;aymahterminals in the Gulf fell to an average 1.9 mln bpd last monthfrom 2.2 mln in January because of lower liftings by somecustomers.    But the drop was much smaller than expected after Gulfexports rallied in the fourth week of February to 2.5 mln bpdfrom 1.2 mln in the third week, the sources said.    The production figures include neutral zone output but notsales from floating storage, which are generally consideredpart of a country&apos;s output for Opec purposes.    Saudi Arabia has an Opec quota of 4.133 mln bpd under aproduction restraint scheme approved by the 13-nation grouplast December to back new official oil prices averaging 18 dlrsa barrel.    The sources said the two-fold jump in exports last weekappeared to be the result of buyers rushing to lift Februaryentitlements before the month-end.    Last week&apos;s high export levels appeared to show continuedsupport for official Opec prices from Saudi Arabia&apos;s main crudecustomers, the four ex-partners of Aramco, the sources said.    The four -- Exxon Corp &lt;XON&gt;, Mobil Corp &lt;MOB&gt;, Texaco Inc&lt;TX&gt; and Chevron Corp &lt;CHV&gt; -- signed a long-term agreementlast month to buy Saudi crude for 17.52 dlrs a barrel.    However the sources said the real test of Saudi Arabia&apos;sability to sell crude at official prices in a weak market willcome this month, when demand for petroleum productstraditionally tapers off. Spot prices have fallen in recentweeks to more than one dlr below Opec levels.    Saudi Arabian oil minister Hisham Nazer yesterdayreiterated the kingdom&apos;s commitment to the December OPEC accordand said it would never sell below official prices.    The sources said total Saudi refinery throughput fellslightly in February to an average 1.1 mln bpd from 1.2 mln inJanuary because of cuts at the Yanbu and Jubail exportrefineries.    They put crude oil exports through Yanbu at 100,000 bpdlast month, compared to zero in January, while throughput atBahrain&apos;s refinery and neutral zone production remained steadyat around 200,000 bpd each. REUTER</BODY> </TEXT></REUTERS>

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