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Shell’s borrowing needs cut with oil at about $80: report

Reuters

Tue Nov 24, 2009 7:35pm EST

LONDON (Reuters) – Royal Dutch Shell’s (RDSa.L) (RDSa.L) chief executive is forecasting that the oil giant will not need to borrow any more money if oil remains at about $80 a barrel, the financial Times reported in its Wednesday editions.

The comments from Peter Voser, are a sign of how the oil industry has recovered from its lows earlier this year, the FT said.

Oil prices have risen from below $33 a barrel last December, although they are still around 48 percent lower than a record above $147 reached in July 2008. U.S. crude for January delivery is at about $76 a barrel. <O/R>

Voser also said Shell was talking to Russian companies about developing gas reserves of the Yamal peninsula, the newspaper added.

(Reporting by Michael Taylor; editing by Andrew Hay)

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