Norway Has Bigger Problems Than $40 Oil -- The Saga Continues -- April 5, 2016

The original post was here.

Then we had the National Oilwell Varco story.

Now this: Shell pulls out of Arctic-focused exploration licensing round in Norway.

Oil major Royal Dutch Shell has pulled its application from Norway's Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country's ambitions to explore for oil and gas in its northern offshore areas.

In December the Norwegian oil ministry said Shell was among the companies that had applied for drilling permissions in the so-called 23rd round, a licensing round set to move the search for hydrocarbons closer to the country's border with Russia.

As recently as last month, the head of Shell's business in Norway had told Reuters the firm had hoped that it could begin drilling in 2017 if it won licenses in the 23rd licensing round.

There is a lot of spin in this article, but no matter how "they" try to spin it, it's bad news when Shell pulls out.

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Talk-Talk

Reuters is reporting that Russia and Saudi Arabia may meet before the April 17, 2016, meeting. Okay.

Meanwhile, Iran says they plan to keep raising production.