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Cheap oil forcing a rethink, says Royal Dutch Shell

  • The Wall Street Journal

Royal Dutch Shell has presented a pessimistic vision for the future of oil, even as the company reported success in generating cash during a prolonged energy downturn. Shell has cut costs and said it was preparing for a world in which crude prices might never regain precrash levels and petroleum demand declined. Shell chief executive Ben van Beurden said the company had a mindset that oil prices would remain “lower forever”. “We have to have projects that are resilient in a world where oil has peaked,” Mr van Beurden told reporters on a conference call discussing the company’s second-quarter financial results. “When it will happen we don’t know, but that it will happen we are certain.” READ MORE

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