But according to Francisco Blanch of Merrill Lynch, the rising cost of capital is likely to outweigh all these benefits.

但美林的Francisco Blanch称：资本成本的上升有可能超过其收益。

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As Francisco Blanch of Merrill Lynch puts it, they must find another Saudi Arabia's worth of oil every two years just to maintain their production at today's levels.

就像美林证券的弗朗西斯科·布朗齐说的那样，若要把产量维持在目前的水平，它们必须每两年就找到相当于另一个沙特阿拉伯的新石油储量。

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All that notwithstanding, argues Francisco Blanch, of Merrill Lynch, as long as economic growth holds up in the developing world, the price of commodities should too.

ECONOMIST: Commodities 1

Francisco Blanch of Bank of America Merrill Lynch reckons that global demand is set to expand by 1.4m bpd as growth in developing countries offsets a decline in demand from sluggish rich countries.

ECONOMIST: A stable commodity may be about to get more volatile

But as Francisco Blanch of Merrill Lynch notes, most of the incremental demand for oil comes from China, India and the Middle East, where the prices of petrol and diesel are subsidised or capped, leaving drivers with little incentive to cut back.

ECONOMIST: The oil price should fall��eventually