Thomson Reuters Tax & Accounting News

Featuring content from Checkpoint

Back to Thomson Reuters Tax & Accounting News

Subscribe below to the Checkpoint Daily Newsstand Email Newsletter

Shell CEO sees first signs of oil price recovery

LONDON (Reuters) – Oil markets are beginning to recover but the scale of global oversupply means prices may only rise slowly, the chief executive of Royal Dutch Shell Plc said on Tuesday.

“We see the first signs of recovery in oil prices,” Ben van Beurden told an oil industry conference in London

“American shale so far has been much more resilient financially and technically than many expected,” he said. “With shale oil being more resilient than we thought it will take some time for prices to recover.”

He said many U.S. oil producers would struggle to refinance while prices remained low, leading to lower output in the future: “Producers are now looking for new cash to survive and they will probably struggle to get it.”

Tagged with →