Royal Dutch Shell Chief Executive Jeroen van der Veer said yesterday he did not see any shortage of physical oil supplies, echoing the view of many OPEC ministers who say the world market is well-supplied.
Oil prices have risen more than fourfold since 2004 and gained about a third this year, partly on increased fears among investors that producers will struggle to produce enough oil to meet demand in a decade’s time.
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“There are no physical shortages in the world. We don’t have ships waiting in the Middle East, no people queuing up for gasoline,” van der Veer told reporters in Kuala Lumpur, where he was briefing on Shell’s Asian business plan.