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Posts Tagged ‘OPEC’

Shell CEO says $80 oil supports energy infrastructure investment, even as steel quotas raise costs

25 Sept 2018

  • Royal Dutch Shell CEO Ben van Beurden says $80 oil is not “unreasonable” and will help fuel spending on oil and gas infrastructure after a period of underinvestment.
  • The Trump administration’s steel quotas are beginning to impede some of Shell’s construction projects in the United States, van Beurden said.
  • Shell has not yet canceled any construction due to the trade barriers, and it is driving down the cost of its offshore projects.

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The Trump administration’s steel quotas present a challenge to building new oil and gas infrastructure in the United States, but rising crude prices help fuel investment, Royal Dutch Shell CEO Ben van Beurden tells CNBC.

International benchmark Brent crude hit a nearly four-year high above $81 a barrel on Monday as the market braces for U.S. sanctions on Iran that threaten to wipe about 1 million barrels a day off the market. Brent’s multiyear high came after OPEC, Russia and other oil producers declined to boost output to tackle rising prices. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell says fully committed to Iraq gas venture, plans ‘massive’ expansion

DUBAI (Reuters) – Royal Dutch Shell (RDSa.L) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a senior executive said.

Iraq’s gas development plans have long focused on Basra Gas Co (BGC), a $17 billion, 25-year project in which Iraq has 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp (8058.T) 5 percent.

The project was designed to aggregate gas from fields in the south including West Qurna 1, operated by Exxon Mobil Corp (XOM.N); Zubair, operated by Italy’s Eni (ENI.MI); and Rumaila, developed by BP (BP.L). read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell’s Profits Soar From Strong Asian Demand

By Tsvetana Paraskova – Apr 20, 2018, 10:00 PM CDT

Oil major Shell has snapped up over 8 million barrels of June-loading crude oil grades from the Middle East and Russia and has resold some of the cargoes in Asia, taking advantage of the strong Asian demand, Reuters reported on Friday, citing five trading sources.

Wider Brent premium over the Middle Eastern benchmark Dubai this month has made Atlantic crude oil supplies more expensive than the Middle Eastern and Russian supplies, which are priced off the Dubai benchmark. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Gears Up For Peak Gasoline

By Jon LeSage – Nov 07, 2017, 3:00 PM CST

Royal Dutch Shell is hedging its bets over the next two decades with expectations that motor fuel consumption will be diminishing and other markets rising.

Since the oil price plummet it 2014, Shell has transitioned its business model over to refining oil, offering other refined oil products, and producing petrochemicals. The oil giant will produce well beyond gasoline to serve other growing economic sectors, and to offset the role EVs will play by the 2030s. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP and Shell profits under renewed pressure as oil price hits 2017 low

By HARVEY JONES:

Crude slumped last week after a shock rise in US stockpiles, up 3.3million barrels to 513million, according to the Energy Information Administration (EIA). 

Brent crude slipped to about $48 a barrel, its lowest level since December, and analysts said it could go sharply lower. 

Crude dipped below $27 a barrel in January last year and Chris Beauchamp, chief market analyst at online trading platform IG, said a repeat of those levels is a distinct possibility: “Crude tends to overshoot on both the upside and the downside.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

OPEC Has To Extend Cuts – Shell Will Benefit Strongly From The Action

Gary Bourgeault: 28 March 2017

One of the best things to happen to the U.S. shale industry was the plunge in the price of oil. It caused creative companies with good management to aggressively pursue ways of slashing costs, while at the same time improving productivity.

A number of the pure plays like EOG Resources (NYSE:EOG) have been able to significantly improve efficiencies, to the point EOG can generate a 30 percent return when oil is at $40 per barrel. Lately, major producer Royal Dutch Shell plc (NYSE:RDS.A) (NYSE:RDS.B) has taken a larger position in shale, and says new wells in its Permian holdings can generate a profit at $20 per barrel. Overall, it can make money when oil is at $40 in the Permian. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

This bad news should encourage you to avoid Royal Dutch Shell plc!

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By The Motley Fool  Nov 7, 2016

Deal in danger

My bearish view on Royal Dutch Shell (LSE: RDSB) hasn’t improved over the weekend, either, following news of fresh bickering between OPEC members.

On Monday, OPEC’s Mohammed Barkindo was forced to deny that the wheels are not falling off its much-lauded supply freeze agreement, with the group’s secretary general announcing that all 14 member states remain committed to the deal.

But rumours that Saudi Arabia vowed late last week to raise its own production, should members fail to rubber-stamp the deal this month, negates any suggestion of cross-cartel unity. Some members like Iran have been exempted from cutting, or even holding, their own production, causing other group members to publicly call for similar exemptions. The political and economic ramifications of getting an agreement over the line are clearly colossal. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil: OPEC Finally Agrees And Investor Takeaways

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Dividend Income: 5 October 2016

Summary

  • OPEC has agreed to put a ceiling on oil production at 32.5 million barrels per day, representing a 900k cut from its current output at 33.4 million.
  • The news supported oil’s rise by nearly 10 percent, and benefits some companies significantly more than others.
  • The author still recommends to stay away from offshore, but upstream producers with lower break even cost could be an attractive investment. Integrated majors’ dividends are also safer than ever.

News Summary

To the surprise of everyone, the Organization of Petroleum Exporting Nations (OPEC) has agreed to put a ceiling on oil production at 32.5 million barrels per day, which is significantly less than its current 33.4 million barrels per day of production. The news has helped oil price rally nearly 10% to almost $51.50 per barrel Brent.

In this article, I will try to dissect the news and its effect on integrated majors, upstream producers and offshore producers. Of course, the news benefit some of these companies significantly more than others, which are actually unaffected or evenly negatively affected by the news. Similarly, I will analyze how it will affect the United State Oil ETF (NYSEARCA:USO) and other oil related ETFs going forward. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil falls as investors cash in on OPEC deal rally, dollar rises

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Oil falls as investors cash in on OPEC deal rally, dollar rises

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The United States, now the world’s biggest oil producer but not a member of OPEC, said it had little faith in the deal leading to higher prices in the long term. Amos Hochstein, the U.S. energy envoy, said in a Reuters interview the deal will either lead to higher U.S. production and trigger another price fall or allow U.S. producers to expand market share.

By Karolin Schaps | LONDON

Oil prices fell on Friday on a stronger dollar and as investors cashed in on a 6-percent rise in just one day after OPEC members agreed to reduce output for the first time in eight years to stifle a two-year price slide.

Global benchmark Brent crude futures LCOc1 were down $1.03 at $48.21 a barrel by 1006 GMT, but still 4.5 percent higher than before the OPEC agreement on Wednesday.

U.S. crude CLc1 was down 66 cents at $47.17 a barrel, around 5 percent higher than before the OPEC announcement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

OPEC decision on daily oil output freeze to have no impact on Shell’s strategy Zoom

OPEC decision on daily oil output freeze to have no impact on Shell’s strategy

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September 29, 2016

Baku-APA. The Organization of the Petroleum Exporting Countries’ (OPEC) agreement to freeze daily oil output will not affect Royal Dutch Shell ‘s current strategy, a spokesman for one of the world’s largest oil companies told Sputnik on Thursday, APA reports quoting Sputnik.

On Wednesday, OPEC oil producing countries agreed a preliminary deal on the sidelines of an international energy forum in Algiers, Algeria. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel.  read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Do what I say

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By Ed Crooks: September 23, 2016

One of the most reliable features of negotiations over oil production is a divergence between what countries say and what they do.

Three weeks ago, Russia and Saudi Arabia were discussing co-operation to stabilise the oil market. This week there was talk of a year-long agreement between Russia and Opec to cap production. At the same time, however, Russia has been stepping up its drilling in the mature fields of western Siberia, taking its oil output to new record highs. Its production is forecast by Goldman Sachs to grow a further 590,000 barrels per day over the next three years. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bad news for fossil fuels

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By Ed Crooks: June 10. 2016

Two of the most widely respected energy analysts – BP’s economics team and the International Energy Agency – published reports this week, and both brought bad news for fossil fuel producers. They differed, however, in the focus of their gloomy perspectives. For BP, publishing its 65th annual Statistical Review of World Energy, it was coal that came off worst. As Spencer Dale, BP’s chief economist, put it in his presentation, “2015 was undoubtedly an annus horribilis for coal”. The shift to natural gas for power generation in the US gathered pace, and there was a second consecutive year of declining consumption in China. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Sideways moves

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By Ed Crooks: April 1, 2016

Oil prices went sideways all week, with Brent crude edging up above $40 on Thursday.  Hedge funds have made record bets on rising crude prices, but everyone is still watching prospects for the scheduled meeting of Opec and non-Opec oil producers in Doha, Qatar on April 17. Qatar’s oil minister said 12 countries had so far agreed to attend, including most Opec members and Russia. Reuters provided a useful factbox on the countries that could be present at the meeting.  Ecuador is one of the Opec members trying to persuade non-member countries to join in a commitment to freeze production. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Royal Dutch Shell – BG Group Merger Almost Complete

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By Muhammad Ali Khawar on Feb 12, 2016 at 1:58 pm EST

The biggest energy deal of 2015, between Royal Dutch Shell Plc (ADR) (NYSE:RDS.A) and BG Group, is just three days away from its closing. On Monday, the two European energy giants will merge to form one of the biggest companies in the global oil and gas industry.

Today is the last trading day for BG Group on the London Stock Exchange. The company would be delisted from the Stock Exchange, effective February 15.

Though $70 billion may seem a lot to many people in the low oil environment, Bidness Etc believes the benefits of the merger are likely to outweigh its costs in the long-run. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Climate Deal’s First Big Hurdle: The Draw of Cheap Oil

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By CLIFFORD KRAUSS and DIANE CARDWELLA version of this article appears in print on January 26, 2016, on page A1 of the New York edition

Barely a month after world leaders signed a sweeping agreement to reduce carbon emissions, the global commitment to renewable energy sources faces its first big test as the price of oil collapses.

Buoyed by low gas prices, Americans are largely eschewing electric cars in favor of lower-mileage trucks and sport utility vehicles. Yet the Obama administration has shown no signs of backing off its requirement that automakers nearly double the fuel economy of their vehicles by 2025. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Analysts predict oil price plunge: Oversupply could drive Brent Crude to $20, warns Goldman Sachs

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Screen Shot 2015-08-04 at 23.09.34By LAURA CHESTERS FOR THE DAILY MAIL: 11 September 2015

The price of oil could fall as low as $20, Goldman Sachs warned last night.

As fears about China’s growth continued, the Wall Street giant’s stark analysis of the global crude market pummelled prices again yesterday.

The price of Brent Crude fell more than 2 per cent after analysts at Goldman and Commerzbank slashed their forecasts. Oil has more than halved since last summer as supply increased due to the surging production of the US shale industry. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell signs global strategic alliance agreement with CNOOC

Screen Shot 2014-02-10 at 16.29.29(Reuters) – Royal Dutch Shell: Tuesday, 17 June 2014

* Shell and CNOOC sign global strategic alliance agreement

* Shell and China National Offshore Oil Corporation (cnooc) announced today that they have signed a global strategic alliance agreement

* Under agreement, companies also commit to exploring potential cooperation opportunities in upstream, midstream and downstream

* Agreement was signed by Royal Dutch Shell Chairman Jorma Ollila and CNOOC Chairman Wang Yilin

* Committed to growing business together with CNOOC and other Chinese partners and cooperating with them internationally to bring more and cleaner energy to china – CEO read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Selection of article links 17 October 2012

Selection of links to articles that may be of interest to our visitors, as supplied by a regular contributor

Shell’s oil spill solution? Live with it!

Avaaz Daily Briefing-6 hours ago
What would you do if your water was polluted, your livelihood destroyed and your backyard regularly caught fire due to oil spills? Shell has the …

Colombia Lures Exxon and Shell to Auction With Shale Oil

Businessweek-8 hours ago
Colombia, South America’s third- largest oil supplier, plans to attract investment in new crude reserves and so-called unconventional energy …

Shell manager joins Virent board

Bizjournals.com-19 hours ago
Shell manager joins Virent board … fossil fuels, said Tuesday that a senior manager from Shell Oil Co. has joined Virent’s board of directors. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell shuts offshore Nigerian oilfield after leak

Wed Dec 21, 2011 9:55am EST

* “Less than 40,000 barrels of oil” leaked – Shell

* Field produces 10 pct of Nigerian oil exports

* Shell says oil flow now halted

By Emma Farge

LONDON, Dec 21 (Reuters) – Royal Dutch Shell is shutting down its huge 200,000 barrels per day (bpd) Bonga oilfield off the Nigerian coast after a leak occurred while loading a tanker on Tuesday, the firm said in a statement.

The Anglo-Dutch oil major said “less than 40,000 barrels of oil” had leaked into the ocean. The flow of oil had now halted, a spokesman said.

The leak occurred while a tanker was loading oil from Shell’s Bonga facility, about 120 kilometres off the coast of the West African nation, according to the statement. read more

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World oil demand to strain supply in 2012-IEA

Wed Jul 13, 2011 1:27pm GMT

* IEA sees continued gap between OPEC output and demand for OPEC oil

* Maintains that strategic petroleum reserves release is working

* No decision yet on further stocks releases

By Alex Lawler and Barbara Lewis

LONDON, July 13 (Reuters) – World oil demand growth will accelerate next year, adding to the pressure on available supplies, the International Energy Agency said on Wednesday, contradicting a more conservative outlook from producer group OPEC.

In its first 2012 forecast in a monthly report, the IEA said oil use would grow by 1.47 million barrels per day (bpd) to 91 million bpd. The agency also trimmed its estimate of demand growth this year to 1.20 million bpd. read more

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Royal Dutch Shell expected to report a 70 per cent fall in profits to $2.5 billion

On Thursday, Royal Dutch Shell, BP’s Anglo-Dutch rival, is expected to report a 70 per cent fall in profits to $2.5 billion.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell May Close or Sell Montreal East Oil Refinery

Refiners need to consolidate and close plants to increase profitability, the Organization of Petroleum Exporting Countries said yesterday. The Hague-based Shell put two refineries in northern Germany up for sale earlier this year. Chief Executive Officer Peter Voser has pledged to simplify decision-making and cut costs against a deteriorating economic backdrop.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Is Steady Amid Concerns of U.S. Refinery Strikes, OPEC Cuts

The labor group didn’t receive any new proposals from Royal Dutch Shell Plc yesterday, Lynne Baker, a spokeswoman for the United Steelworkers union, said in an e-mail. “Both parties continue to discuss bargaining issues,” she said, without giving details.

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OPEC Calls for Curbing Speculators, Blames Hedge Funds for Rout

“Even if we look back at 1998 and 1986, we’ve never had this violent a shift at this extreme in terms of prices,” said Daniel Yergin, chairman of Cambridge Energy Research Associates Inc., referring to previous bear markets. Yergin will also be attending the forum in Davos, as will Jeroen van der Veer, chief executive officer of The Hague-based Royal Dutch Shell Plc

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Crude Oil Set for Two-Week Decline After OPEC Cuts Forecast

Morgan Stanley is seeking a supertanker to store crude oil, joining Citigroup Inc. and Royal Dutch Shell Plc in trying to profit from higher prices later in the year, four shipbrokers said.

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Oil Falls a Third Day on Concern the Recession Will Cut Demand

Royal Dutch Shell Plc resumed contracted deliveries of Nigeria’s Bonny, Bonga and Forcados crude-oil grades after production was cut by pipeline attacks.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Venezuela reduces oil production

It says the cuts will be made from joint ventures between Venezuela's state oil company and foreign companies including Royal Dutch Shell, Chevron Corp. and France's Total

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

OPEC Cuts Biting Into Oil Cos’ Output Growth Areas

In early November, Anglo-Dutch Royal Dutch Shell PLC, the world's second largest oil company, was the first to disclose it was hurt by an OPEC cut, when it called force majeure on some of its Nigerian crude exports

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Curve Steeper Than ‘99 Shows Crude May Gain in ‘09 on OPEC

Shell, based in The Hague, postponed a decision to expand its Athabasca oil-sands project in Canada. Valero Energy, the largest U.S. refiner, said in October it will defer projects to cut spending by about $500 million, or 17 percent.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Crude Oil Rises First Time in 3 Days After U.A.E. Cuts Output

“Crude hasn’t bottomed out as yet because we are getting so much bad economic news,” said Tony Regan, a Singapore-based independent energy consultant, who formerly worked for Royal Dutch Shell Plc and Nexant Inc.

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Oil $36.22 a barrel on New York Mercantile Exchange, the lowest price since June 2004

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.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil Projects Put in Jeopardy by Fall in Prices

“We’re 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.”

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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."

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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.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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.

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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.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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 Canada’s oil sands this year after tumbling prices reduced potential profits.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil companies are hitting the pause button

Royal Dutch Shell indefinitely postponed a decision on expanding its operations in Canada’s oil sands.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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.

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Shell’s Routs: On Diesel, Algae, and OPEC

Mr. Routs talked with the WSJ’s Neil King about the world’s thirst for oil, the challenges facing Detroit and the U.S. transportation sector, and where oil prices are heading.

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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.

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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.

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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.

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OPEC Cuts: A Barrel Of Laughs

Oil slides below $50 in New York despite cartel's likely production curbs this month.

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Crude Declines: Shell dropped 5.3 percent to 1,646 pence

Bloomberg

 

 

Shell dropped 5.3 percent to 1,646 pence. BP, Europe’s second-largest oil company, slid 5.8 percent to 496 pence. Eni SpA, Italy’s 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 group’s 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 Arabia’s Oil Minister Ali al-Naimi. read more

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Oil’s unlikely alliances likely unnecessary

At the current price, oil developments everywhere are being curtailed or shut down. Royal Dutch Shell last week announced it's yanking its application to build the 100,000-barrel-a-day Carmon Creek oil sands project in northwestern Alberta.

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OPEC Failure Foretells Steeper Decline 10 Years After $10 Oil

Producers such as Royal Dutch Shell Plc are cutting back plans to develop deposits like Canadian oil sands. Shell indefinitely postponed the second-phase expansion of its Athabasca project because of rising construction costs. Shell, based in The Hague, also delayed seeking regulatory approval for Carmon Creek. Higher cost plans require $80-a-barrel oil to be profitable, according to Merrill Lynch.

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OPEC to defer new oil cut as divisions emerge

CAIRO (Reuters) - OPEC on Saturday prepared to defer a decision on a new supply cut amid signs that Saudi Arabia and its Gulf allies are not happy with adherence to restraints agreed in the past two months.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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