The invasion of Iraq by Britain and the US has trebled the price of oil, according to a leading expert, costing the world a staggering $6 trillion in higher energy prices alone. Goldman Sachs predicted last week that the price could rise to an unprecedented $200 a barrel over the next year, and the world is coming to terms with the idea that the age of cheap oil has ended, with far-reaching repercussions on their activities.
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Oil: A global crisis
Shell pulls out of Iran gas deal
LONDON (Reuters) - Oil major Royal Dutch Shell (RDSa.L: Quote, Profile,Research) has pulled out of a planned gas project in Iran, after coming under pressure not to participate from U.S. lawmakers who were concerned about Iran's nuclear programme.
Shell decided to opt for multiple suppliers when it signed $4bn-worth of outsourcing contracts
A painstaking attention to detail is the key to the recent $4bn (£2bn), five-year outsourcing contracts that Royal Dutch Shell has signed with three IT suppliers.