Shell CEO sees oil prices ‘lower than today:’

Chief Executive Jeroen van der Veer said in an interview with Newsweek this weekend that Russia’s government and energy officials have some justification to be irritated by the country’s portrayal as a threat to Europe’s gas supplies, comments that carry additional resonance given Russian authorities are threatening a Shell-led multibillion dollar integrated oil and gas development off of the country’s far eastern coast.
In the interview, van der Veer also made a rare forecast for where oil prices are heading,. saying they will “be significantly lower than today”, adding that all evidence pointed toward healthy physical supplies currently in the market. U.S. light, sweet crude futures dropped to fresh five-and-a-half month lows Friday to $62.03 a barrel, down a fifth since hitting a record $78.40/bbl mid-July.

marketwatch