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OPEC willing to reduce crude production again to “preserve the price of oil”




Extracts from the Bloomberg article: European Stock Futures Advance; Shell, Total May Rise on Oil 

By Sarah Jones

Jan. 14 (Bloomberg) — European stock-index futures climbed, indicating the Dow Jones Stoxx 600 Index may gain for the first time in six days, as a rebound in oil boosted the earnings outlook for energy producers.

Royal Dutch Shell Plc and Total SA may lead oil companies higher after OPEC leaders said they may cut output further to bolster crude prices. 

Crude Oil

The regional benchmark stock index has slumped 45 percent since the start of last year as about $1 trillion in losses at financial companies eroded profits and the U.S., Europe and Japan fell into simultaneous recessions.

Shell, Europe’s largest oil company, and France’s Total may gain as crude rallied for a second day.

OPEC is willing to reduce crude production again to “preserve the price of oil,” Venezuelan President Hugo Chavez said yesterday in Caracas. Saudi Arabia Oil Minister Ali al Naimi said the kingdom’s February output will be “lower than the target” set at the group’s Dec. 17 meeting.

Crude oil for February delivery rose as much 4.2 percent to $39.36 a barrel in New York.

To contact the reporter on this story: Sarah Jones in London at[email protected].

Last Updated: January 14, 2009 02:52 EST


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