From an article published by Bloomberg News Friday 2 Jan 2015
Oil dropped to the lowest in more than five and a half years amid growing supply from Russia and Iraq and signs of manufacturing weakness in Europe and China.
Oil output in Russia and Iraq surged to the highest levels in decades in December, according to data from both countries’ governments.
Prices slumped 46 percent in New York in 2014, the steepest drop in six years and second-worst since trading began in 1983…
The European oil fell 48 percent last year, the second-biggest annual loss on record behind a 51 percent tumble in the 2008 financial crisis.
RELATED NASDAQ ARTICLE – ROYAL DUTCH SHELL DOWNGRADED
On Dec 31, Zacks Investment Research downgraded the integrated energy giant, Royal Dutch Shell plc.
With a tumble in crude oil price – which fell over 50% since Jun 2014 – revenues, cash flows and earnings are likely to be negatively impacted.
In this weakly priced market, Shell may find it difficult to maintain its lofty capital spending and dividend payments.
Moreover, the company is strategically selling its non-core assets. Though this is likely to be favorable in the long term, lost reserves and production would hamper earnings in the near term.
This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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