Royal Dutch Shell has signalled that the steep rise in its debts is coming to end as its chief executive said it would not need to borrow any more money if oil remains at about $80 per barrel.
The comments from Peter Voser, who took over at the top of Shell in July, are a sign of how the oil industry has recovered thanks to the rebound in the oil price to about $76 yesterday from its low point of less than $33 in February.
They also reflect the boost to Shell's cash flow from cost reductions and from two huge gas projects in Qatar scheduled to come on stream by the end of next year.
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