Financial Times: Lex: Oil prices
Wednesday 15 June 2005
The only certainty about the oil price is the inability of forecasters to predict it. Ask a New York futures trader what the long-term oil price is and the current answer will be $54 a barrel for 2011. Analysis by Goldman Sachs suggests that European oil sector equity valuations discount a longer-term forward Brent crude price of $30. Integrated oil companies, however, are still using prices of $20-$25 to assess investment projects.
Faced with such confusion, investors are taking a very short-term view. Citigroup highlights the close correlation this year between European sector performance and daily movements in one-month forward Brent crude prices. With the industry returning cash, investors, understandably, are focusing on near-term cash flows. The macroeconomic picture for the oil market looks bullish for the latter half of the year. On recent trends, this suggests further sector upside.
Meanwhile, there are signs that sustained crude strength is filtering through to oil company forecasts. Last week Lord Browne, BP chief executive, said prices could remain above $40 for three to four years. On Monday, Jeroen van der Veer, Royal Dutch/Shell chief executive, said sustained heavy investment in costly projects would require higher long-term prices than in recent years. As the oil majors accept a “stronger for longer” view, it can only be a matter of time before, implicitly or explicitly, they use higher prices for investment decisions.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
