PARIS (Dow Jones)--Royal Dutch Shell PLC (RDSB.LN) Chief Executive Jeroen van der Veer said Thursday that global oil industry spending this year is likely to fall by more than 12% compared with last year as the fallout builds from weaker oil prices and the global economic recession.
The Wall Street Journal
Shell CEO:09 Oil Sector Capex Likely To Fall By +12% On Yr
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Energy-Reserve Revisions
In 2004, Royal Dutch Shell PLC disclosed that it had overstated its reserves by 20%, leading to the ouster of its chairman, a Securities and Exchange Commission investigation and closer scrutiny of reserve calculations across the industry.
U.S. predicts fall in global demand for oil in ’08, ’09
Battered by the global economic crisis, world oil demand will fall in 2008 for the first time since 1983, said a U.S. government forecast. It also predicted demand will fall again in 2009.
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.
Shell Weighs Green Project
Oil giant Royal Dutch Shell PLC and Dutch utility Essent NV said Monday they have agreed to study the feasibility of a 1,000-megawatt power plant in the Netherlands from which carbon-dioxide emissions would be captured and stored underground.
Oil Glut: Why Contango Is Stretching the Oil Market, and Why You Should Care
How severe is the global oil glut? Its the worst in at least a decade, if oil-market tea leaves are any guide. That explains why oil companies like Shell have contracted more than 16 supertankers (including our friend the Leander) to simply hold onto crude until prices go up.
Tossing Capex Over the Side
Chesapeake is facing the reality of contracting energy demand and credit availability. Several of its peers, from Royal Dutch Shell to Apache Corp., have also delayed new projects until energy demand, and prices, stabilize.
Oil’s Slide Set to Leave Dark Trail
Already in free fall, the price of oil could soon push much lower as the effects of a global recession take hold.
Commodities Collapse: Fast, Big and Still Going: Analyst who projected $200 oil should have lopped off a zero
The crash in oil, copper, grain and other commodity stocks in 2008 has outpaced the crash of technology stocks at the turn of this century -- with many taking only six months for the 80% wipeouts that took the tech sector two years.
Chevron Case Weighs Extent of Overseas Liability
Early next year, Royal Dutch Shell PLC faces a similar case in New York federal court stemming from the 1995 death of Ken Saro-Wiwa, an activist in oil-rich coastal Nigeria critical of the oil industry's environmental impacts. Shell has denied to an oil-industry publication that it was complicit and called the allegation "false and without merit."
An Ode to Oil
Oil is, after all, a primary source of man-made global warming, while spillages and drilling have sometimes inflicted lethal environmental damage. Despite the sharp falls of recent months, dramatic price rises have also underwritten every postwar global recession, including the current economic malaise.
Oil: Up 9% on the Week, Down for Month
With oil prices off more than $90 from this year's historic highs, OPEC has in the past two months announced output reductions totaling about two million barrels a day. Many analysts expect the organization to cut output further, but they're unsure of when.
OPEC to Discuss Another Round of Production Cuts
Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world's economic travails continue to drive crude prices to levels unseen in years.
China natural gas opportunity for Chevron, Total and Royal Dutch Shell
China's desire to boost natural-gas output and master advanced drilling technology has led it to open up a handful of onshore blocks to foreign partners, including Chevron Corp., Royal Dutch Shell PLC and Total.
Oil Slick: Oil-Market Bears Speak ChineseOr Do They?
What will it take to raise oil prices? On Monday, a Saudi Aramco supertanker was hijacked by Somali pirates. Chevron and Shell both announced pipeline disruptions in Nigeria. And yet crude oil prices barely moved, still trading around $56 a barrel.
How to Put the Squeeze on Iran
U.S. outreach to foreign banks and to oil companies considering investing in Iran's energy sector has reportedly convinced more than 80 banks and several major potential oil-field investors to cease all or some of their business with Iran. Among them: Germany's two largest banks (Deutsche Bank and Commerzbank), London-based HSBC, Credit Suisse, Norwegian energy company StatoilHydro, and Royal Dutch Shell.
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