PARIS (Reuters) – OPEC said oil was not to blame for climate change and consuming countries should pay to fight the threat, while the CEO of Royal Dutch Shell said drivers could help by not buying Hummer sports utility vehicles.
Posts under ‘OPEC’
Falling revenues likely to put Shell’s plan for share buyback in limbo and debt into orbit
Gordon Gray, an oil analyst for Collins Stewart, said that a big increase in Shell’s debt was inevitable while share buybacks were completely off the agenda. He predicted that Shell’s net debt would rise from $8 billion in 2008 to as much as $23.9 billion this year – from a gearing level of about 6 per cent of its equity to nearly 17 per cent. He projected that Shell’s net debt could peak next year at more than $30 billion, depending on how long oil prices remained depressed.
Nigeria Growth Falters on Oil Slide, Global Crisis
“Wannabe oil companies will disappear” here, said Ann Pickard, a vice president at Royal Dutch Shell PLC, at a recent conference in Nigeria. Shell has put several of its own exploration operations on hold.
Oil Adds 3.4%, Putting $50 Within View
Oil prices jumped to a two-month high as the recent militant attack on a Nigerian oil pipeline sharpened supply concerns while the market weighs the prospects of another OPEC production cut.
Crude Oil Rises as Dollar Drops, OPEC Signals Resolve to Cut
The Organization of Petroleum Exporting Countries may decide to make another production cut should oil prices continue to fall…
OPECs Pipe Dreams
So for oil producers, $40 is no longer a fantastic price. OPEC members have real problems balancing their budgets at that level. The likes of Shell, meanwhile, have big capital expenditure plans predicated on higher prices.
Oil Is Steady Amid Concerns of U.S. Refinery Strikes, OPEC Cuts
The labor group didnt receive any new proposals from Royal Dutch Shell Plc yesterday, Lynne Baker, a spokeswoman for the United Steelworkers union, said in an e-mail. Both parties continue to discuss bargaining issues, she said, without giving details.
Shell tries to stay on an even keel
Credit Suisse analyst James Neale, in a note to investors, voiced concern that the companys return to growth will be short-lived in view of efforts by the company to slow final investment decisions on future growth projects due to current economic weakness, and in order to await lower future service costs.
OPEC Calls for Curbing Speculators, Blames Hedge Funds for Rout
Even if we look back at 1998 and 1986, weve never had this violent a shift at this extreme in terms of prices, said Daniel Yergin, chairman of Cambridge Energy Research Associates Inc., referring to previous bear markets. Yergin will also be attending the forum in Davos, as will Jeroen van der Veer, chief executive officer of The Hague-based Royal Dutch Shell Plc
As Gazprom stares into the abyss, oil companies get ready to do business
For much of the past decade, oil and gas-consuming nations have watched the National Oil Companies (NOCs) of Opec and Russia grow fat and confident as their incomes doubled and tripled. With such bounty they could pay their own bills and hire the best engineers. They could dispense with brash expat oilmen and their snooty wives and from Bolivia to Venezuela via Siberia, the Western multinationals were given the boot. There have been expropriations, bullying, harassment and the shredding of contracts.
Crude Oil Set for Two-Week Decline After OPEC Cuts Forecast
Morgan Stanley is seeking a supertanker to store crude oil, joining Citigroup Inc. and Royal Dutch Shell Plc in trying to profit from higher prices later in the year, four shipbrokers said.
OPEC willing to reduce crude production again to preserve the price of oil
Royal Dutch Shell Plc and Total SA may lead oil companies higher after OPEC leaders said they may cut output further to bolster crude prices.
Ship-stored oil doubles
Companies such as Shell and BP, and big traders such as US-based Koch or Dutch-Swiss Vitol are storing oil in tankers, with shipping brokers reporting the hire of several supertankers as floating storage in the past few days.
Will 100 yrs of ruthless rivalry end with ExxonMobil buying Shell?
The military tone of articles published 90 years ago in the New York Times provide insight into the depth of intense rivalry between the oil giants which sometimes descended into open warfare. The opening salvo was fired in an article published on 16 January 1928 under the dramatic headline: N.Y. STANDARD OIL DECLARES WAR UPON DUTCH SHELL GROUP.
Oil Falls a Third Day on Concern the Recession Will Cut Demand
Royal Dutch Shell Plc resumed contracted deliveries of Nigerias Bonny, Bonga and Forcados crude-oil grades after production was cut by pipeline attacks.


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