Can OPEC save BP plc and Royal Dutch Shell plc?

Can OPEC save BP plc and Royal Dutch Shell plc? Aug 25th, 2016 by John Donovan.  No comments yet By Ian Pierce – Thursday, 25 August, 2016 Oil majors must long for the halcyon days when a sustained period of low crude prices could be expected to send OPEC riding to the rescue with sweeping production cuts and a promise to boost global prices. Now, two years into a global supply glut that shows few signs of lifting, do oil majors need an OPEC to finally take action? BP (LSE: BP) wouldn’t say no to the help. Interim results released last month saw underlying replacement cost profits, its preferred metric of profitability, slump 67% year-on-year. Add in a $2bn statutory loss for the period and net debt leaping to $30.9bn and worries have rightly begun to proliferate that dividends will be slashed sooner rather than later. read more Share this: Facebook Twitter Email Print Like this: Loading... Posted in: BG Group, BP, Gas, Gulf of Mexico, LNG, Oil, Oil Company Profits, Oil Prices,OPEC, Royal Dutch Shell Plc, Shell, The Motley Fool. Tagged: BP · Gas · Gulf of Mexico · LNG · Oil · Oil Prices · Royal Dutch Shell Plc · Shell