Shell to work with UK, EU after Brexit bombshell

According to Reuters, world financial markets plunged as complete results showed a near 52-48 percent split in favor of leaving the EU.

Oil prices dropped by more than 6 percent on Friday after the results emerged showing that Britain had voted to leave the European Union.

In an effort to find out what Brexit, an abbreviation of “British exit”, means for the oil market and European oil majors, Offshore Energy Today has contacted oil giant Royal Dutch Shell.

A Shell spokesman said: “Although Shell was in favour of the UK remaining in the EU, we respect the decision of the majority of the British people who voted to elect to leave.

The company’s spokesperson also added: “We will work with the UK government and European institutions on any implications for us. Our priority is to continue providing reliable, affordable energy to our customers in Europe and the UK.”

 According to BBC, UK Prime Minister David Cameron has resigned after Britain voted to leave the EU, and said there should be a new PM in October.

Cameron made a statement in Downing Street on the outcome of the referendum on the UK’s membership of the European Union.

“The British people have voted to leave the European Union and their will must be respected,” he said.

I do not think it would be right for me to try to be the captain that steers our country to its next destination.

Cameron also said: “We must now prepare for a negotiation with the European Union. This will need to involve the full engagement of the Scottish, Welsh and Northern Ireland governments to ensure that the interests of all parts of our United Kingdom are protected and advanced.”

The Prime Minister further added: “I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers our country to its next destination.

“This is not a decision I have taken lightly, but I do believe it is in the national interest to have a period of stability and then the new leadership required.

“There is no need for a precise timetable today, but in my view we should aim to have a new Prime Minister in place by the start of the Conservative party conference in October.”