BP plc and Royal Dutch Shell Plc Will Have To Survive Without $100 Oil
By Harvey Jones – Tuesday, 11 August, 2015
Low oil prices have sunk share prices at BP (LSE: BP) and Royal Dutch Shell (LSE: RDSB) and there is no sign of immediate respite.
There was a flicker of hope as Brent crude climbed to nearly $68 a barrel in May, but it has now slid below $50 again, and worse could follow.
The notion that lower prices would put the skids on supply, especially from US shale rigs, has been discredited. Shale technology is coming on in leaps and bounds, driving constant cost savings for drillers.
US frackers continue to add an extra million barrels of oil a day to global supply, even before Iran floods the market with its stockpiles.
The TRUTH will set you FREE.
No comments:
Post a Comment