Futures contracts for January delivery yielded under heavy selling pressure Thursday to finish down $3.84, or 9.6%, at $36.22 a barrel on the New York Mercantile Exchange, the lowest price since June 2004.
OPEC
Oil $36.22 a barrel on New York Mercantile Exchange, the lowest price since June 2004
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Big Oil Projects Put in Jeopardy by Fall in Prices
Were in remission right now, said Marvin E. Odum, the vice president for exploration and production for Royal Dutch Shell in the Americas. But once the economy picks up, he said, the energy challenge will come back with a vengeance.
OPEC Plans Drastic Cut In Oil Production
Royal Dutch Shell has announced that it will delay some of its planned expansion of expensive oil sands projects in Canada. Rob J. Routs, executive director of oil products and chemicals and a member of the board at Royal Dutch Shell, said that reaching the target of 700,000 barrels a day would be "pushed out at least two to four years."
Drop in China’s oil demand pressures Opec to cut production
China's once ravenous hunger for energy is weakening at a record rate, compounding the pressure on Opec to slash global oil production this week by as much as two million barrels a day to prevent a glut.
Shell books 4th VLCC for storage in US Gulf
LONDON, Dec 15 (Reuters) - Oil major Royal Dutch Shell has a booked a fourth supertanker to store crude oil in the U.S. Gulf, ship brokers said on Monday.
OPEC Races to Get Ahead of Declining Oil Demand
Some economists now compare OPEC's plight to that of the early 1980s, when soaring crude prices helped spur a recession in the U.S. and Europe. Oil demand fell sharply, as did oil prices. It took nearly 15 years for U.S. consumption to return to 1980 levels.
OPEC Clashes With Goldman on $75 Oil as Demand Slumps
Oslo-based StatoilHydro ASA and Royal Dutch Shell Plc of The Hague postponed investments in Canadas oil sands this year after tumbling prices reduced potential profits.
Oil companies are hitting the pause button
Royal Dutch Shell indefinitely postponed a decision on expanding its operations in Canadas oil sands.
Global oil demand to fall for the first time in 25 years
The Opec oil cartel may be forced to cut production by as much as 3m barrels a day as global oil demand is set to contract for the first time since 1983 this year, the International Energy Agency (IEA) said.
US and Japan lead global cut in oil consumption
World oil demand is set to fall this year for the first time in 25 years as a broadening economic recession undermines energy consumption.
Shells Routs: On Diesel, Algae, and OPEC
Mr. Routs talked with the WSJs Neil King about the worlds thirst for oil, the challenges facing Detroit and the U.S. transportation sector, and where oil prices are heading.
Gamble on gigantic LNG project is set to come good
Royal Dutch Shell is building the 140,000b/d Pearl GTL complex at a cost of more than $18bn.
Refiners rush to store cheap crude
Brokers estimate about 10 VLCCs, or very large crude carriers, are holding about 20 million barrels offshore in the U.S. Gulf.
Pipe dreams
The second assumption is that steep declines in non-Opec oil fields will be offset by increases in "non-conventional" oil production, such as the Canadian oil sands. This also looks unlikely. Oil sands projects are uneconomic at less than $80 per barrel, and several have recently been shelved.
OPEC Cuts: A Barrel Of Laughs
Oil slides below $50 in New York despite cartel's likely production curbs this month.
Crude Declines: Shell dropped 5.3 percent to 1,646 pence
Shell dropped 5.3 percent to 1,646 pence. BP, Europes second-largest oil company, slid 5.8 percent to 496 pence. Eni SpA, Italys biggest, lost 7.2 percent to 16.46 euros.
Crude oil for January delivery fell as much as 8.5 percent to $49.52 a barrel in New York after the Organization of Petroleum Exporting Countries deferred a decision to reduce output for another two weeks.
Slowing global growth means demand will be much lower than expected a month ago, OPEC said after the groups Nov. 29 meeting in Cairo. Another cut on Dec. 17 may not be needed if member states enacted 80 percent of the 1.5 million barrel-a-day reduction agreed in October, Al Hayat reported, citing Saudi Arabias Oil Minister Ali al-Naimi.
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