Amazing that SHELL underprovided by c USD3b8 Jan 2024 19:21
Alliance News UK Market Close today:
The oil major said the impairments for the most recent quarter are driven by portfolio choices, such as its Singapore Chemicals & Productions assets, which Reuters had reported Shell plans to sell by the end of 2024.
Meanwhile, oil prices fell more than 1% on Monday due to Saudi Arabia cutting prices coupled with rising Opec output, outweighing upward price pressure amid geopolitical jitters in the Middle East, Danske Bank said.
What does Alliance mean 'impairments for the most recent quarter are driven by portfolio choices, such as its Singapore Chemicals & Productions assets' ? Surely not an excuse though for bad accounting.
Also, I thought OPEC had cut production so why an increase ?