This is according to today's Independent, pages 36 and 39. In particular the Indy says:
"BP takes axe to production targets
...
BP slashed its production targets yesterday... BP said it now expected production this year to be flat compared with last year's output of 3.9m bpd ... The new targets represent a nominal cut of about 17%"
On Shell it just mentioned that they also cut production forecasts last week, but doesn't say by how much.
Does anyone know of an online resource that collates oil majors' public statements for ready reference / trend spotting? It would be interesting to know if the others are also cutting production targets.
Kevin
BP and Shell revise production target downwards
Moderator: Peak Moderation
-
Atlantic Baron
- Posts: 12
- Joined: 28 Oct 2006, 13:10
- Location: London, UK
This reminds me of Saudi's recently stated objectice to cut production to shore up oil prices. I understand that Shell/BP have said that production this year will be flat in order to meet with safety legislation.
It may be (sort of) amusing to see if any other oil producers come up with 'reasons' to explain away falling production. Is Simmons right? Are we really at PO now?
It may be (sort of) amusing to see if any other oil producers come up with 'reasons' to explain away falling production. Is Simmons right? Are we really at PO now?