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Posts Tagged ‘OPEC’

OPEC to defer new oil cut as divisions emerge

CAIRO (Reuters) – OPEC on Saturday prepared to defer a decision on a new supply cut amid signs that Saudi Arabia and its Gulf allies are not happy with adherence to restraints agreed in the past two months.

Oil: Up 9% on the Week, Down for Month

With oil prices off more than $90 from this year’s historic highs, OPEC has in the past two months announced output reductions totaling about two million barrels a day. Many analysts expect the organization to cut output further, but they’re unsure of when.

Oil falls below $54 ahead of OPEC meeting

SINGAPORE (Reuters) – Oil fell below $54 a barrel on Friday, on course to end the month down more than 20 percent, as OPEC ministers prepared to meet in Cairo to discuss potential further supply cuts as the global economic slowdown crimps oil demand.

OPEC to Discuss Another Round of Production Cuts

Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world’s economic travails continue to drive crude prices to levels unseen in years.

Oil dives towards $50 as investor confidence sinks

Shipping brokers said on Thursday, U.S. oil trader Koch and Royal Dutch Shell had booked supertankers capable of storing 10 million barrels of crude, more than top exporter Saudi Arabia produces in a day.

Oil Slick: Oil-Market Bears Speak Chinese–Or Do They?

What will it take to raise oil prices? On Monday, a Saudi Aramco supertanker was hijacked by Somali pirates. Chevron and Shell both announced pipeline disruptions in Nigeria. And yet crude oil prices barely moved, still trading around $56 a barrel.

Oil prices fall on economy fears

Oil prices have fallen because of more bad economic news and after Opec hinted it would not cut oil production soon. US light, sweet crude fell more than $1 to $55.93 a barrel. Brent crude lost 52 cents to $53.72.

Opec wants oil at $70-$90 a barrel

By Carola Hoyos Published: November 17 2008 02:00 | Last updated: November 17 2008 02:00 The Opec cartel wants oil prices of $70-$90 a barrel, Chakib Khelil, Algeria’s energy minister and the group’s president, said yesterday as he suggested the group would try to defend this level with further production cuts. The group, which control’s [...]

Opec raises the prospect of a cut in oil output

Oil prices continued to slide this week with crude at one point dipping below $55 a barrel – the lowest since early 2007 – as official data pointed to a longer and more intense global economic downturn than previously forecast with an accompanying slump in worldwide demand for commodities.

Shell chief says oil exploration worth it at $50 a barrel

Investment in oil sands projects is at risk because of the falling price of crude, Mr van der Veer said. The projects are the most expensive way of producing oil at the moment, he said, and Shell delayed a decision on expanding its Canadian oil sands business in October.

Shell calls “force majeure” on Nigeria exports due to OPEC cuts

Shell didn’t detail who exactly would be getting screwed.

The dawn of a disturbing new reality

Royal Dutch Shell has dropped its proposed investment in plans to build the world’s biggest offshore wind farm, the London Array, to concentrate on less risky US onshore wind power.

Supermajors must up their game or eventually face extinction

The supermajors are now going to have to up their game to avoid being relegated to lower-value service providers – or eventually face extinction.

Peak Oil: Are Oil Prices Destined to Rise Again?

THE WALL STREET JOURNAL October 31, 2008, 12:13 pm Posted by Keith Johnson Crude oil futures continued down on Friday, spooked by the dim outlook for the U.S. economy. That’s precisely what makes it likely oil prices will rebound next year.  A tough run upstream (AP) Big oil companies are already finding it harder to maintain, let alone [...]

Oil cartel cuts output but price still falls

Many of the cuts will also hit energy groups working in Opec countries, including ExxonMobil and Chevron of the US, and Total, Royal Dutch Shell, Eni and Statoil of Europe.