OPEC, for some quiet moments..

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Royal Dutch Shell showed it has adapted to a world of lower oil prices, generating a surge in cash that allowed it to pay dividends while reducing debt. The Anglo-Dutch company’s first-quarter performance helps validate CEO Ben Van Beurden’s $54 billion purchase of BG Group -- for which some shareholders complained he overpaid -- and the deep spending cuts and asset sales he undertook to protect the balance sheet.

Shell pumps torrent of cash as BG takeover, cost cuts pay off

Oil dropped below $50/bbl in London for the first time since late March on growing signs that OPEC’s production cuts are failing to clear a surplus of crude. Brent futures lost as much as 2.2%. Crude output rose to 9.29 MMbpd, the highest level since August 2015, according to the Energy Information Administration. U.S. inventories fell less than all 11 forecasts by analysts surveyed by Bloomberg. OPEC is likely to extend production cuts for six months past June, according to Nigerian Oil Minister Emmanuel Ibe Kachikwu.

Brent crude falls below $50 in London for first time since March

Oil dropped to the lowest since late November on growing signs that OPEC’s production cuts are failing to clear a surplus of crude. Futures fell by about 4% on both sides of the Atlantic. U.S. crude output rose to 9.29 MMbpd last week, the highest level since August 2015, according to the Energy Information Administration. OPEC is likely to extend the 1.2 MMbpd cut agreed to in November for six months, according to Nigerian Oil Minister Emmanuel Ibe Kachikwu. Energy and metal futures declined Thursday on concerns over demand in China.

Crude tumbles to lowest since OPEC deal as cuts seen ineffective

While President Donald Trump’s plan to cut corporate income taxes could save oil and natural gas explorers $13 billion a year, it jeopardizes tax breaks that may mean even more to U.S. shale drillers. The proposal outlined Wednesday is a long way from the finish line and could change significantly in the coming months. One major question is whether Trump and the U.S. Congress balance lower tax rates by reducing other incentives, like a deduction for drilling expenses that may save companies $35 billion over the next decade, according to a report Thursday by analysts at Bloomberg Intelligence.

Drillers warned: 'Be careful what you wish for' with Trump's tax plan