Royal Dutch Shell plc .com Rotating Header Image

Posts Tagged ‘OPEC’

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 Canada’s 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 Canada’s 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.

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.

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, 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 [...]

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.

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.