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Shell says OPEC decision won’t impact financial framework

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Oil major Shell said a decision to cut output by OPEC is unlikely to alter the company’s financial framework.

The company made the comments after members agreed at a meeting in Algiers to cut production to a range of 32.5million to 33million barrels a day − a drop of about 700,000 barrels − which would mean a first reduction in eight years.

Further details from the meeting will still need to be worked out, and targets for each country are not expected to worked out until another meeting in November.

Some estimates have suggested the change could add at least $10 to a barrel of oil.

A Shell spokeswoman said:”On Opec the decision doesn’t alter our strategy of managing our financial framework through the down-cycle by reducing costs, delivering lower and more predictable investment levels, delivering our divestment programme and focusing on starting up profitable new projects.”

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