May 24, 2008

Shell CEO says record oil not due to shortage

Oil prices at a record high above $135 a barrel are rising due to market sentiment rather than a shortage of supply, Royal Dutch Shell's chief executive said on Thursday.


"This has to do with psychology in the markets and you cannot forecast psychology."

His view that there are no shortages chimes with that of other oil producers, such as members of the Organization of the Petroleum Exporting Countries. Others, such as the U.S. government, say supply is tight.

Hmmmm. Who to believe...

Read more.

No comments: