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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (48943)	8/6/1999 8:53:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Shell predicts more oil price rises [Hmm, remember what they said less than a year ago? See: Message 5785659 and cbs.marketwatch.com ] BBC, August 6 Oil group Royal Dutch Shell is predicting that crude oil prices will continue to rise if the industry sticks to its promised cuts in production. The group reported a strong jump in profits for the second quarter of the year, helped largely by the rapid increase in crude's value. A barrel of crude oil is currently trading at just below $20, double the levels at the start of the year. Shell also said its cost-cutting shake-up was helping deliver better results. The company has set itself the target of saving $2.5bn (£1.56bn) by 2001. In the first half of the year savings came in at $450m (£281.25m), while scaling back its exploration programme had saved a further $160m (£100m). Last December, chairman Mark Moody-Stuart unveiled his plans to turn around the sprawling company. Thousands of jobs would be cut - more than the 4,000 previously announced - while the company would scale back its speciality chemicals operations and shake up its management structure. "Provided global production does not increase significantly, the projected growth in oil demand will provide a basis for continuing oil price strength in the next few months," the company said. Resignation pressures recede Global agreements struck by the major oil producing countries in March to limit supplies had kicked in during the quarter, said Shell. The figures were an improvement on February's full-year results which were the worst in its 100-year history. Mr Moody-Stuart indicated at the time that if a turnaround was not seen during the current financial year he would face calls for his resignation. news.bbc.co.uk