Shell Sees Signs of Oil Recovery Though `Rebalance' to Take Time
- U.S. output drop may feed through to higher prices, CEO says
- Strategy of Saudi Arabia and OPEC remain `key uncertainties'
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More than a year after oil began to tumble, Europe’s largest oil company said the first signs of a recovery are only now starting to show.
While Royal Dutch Shell Plc is still planning for a prolonged slump, the industry’s sweeping investment cuts and declining U.S. output point to higher prices in the future, Chief Executive Officer Ben Van Beurden said Tuesday.