Shell CEO says no problem with oil supplies

LONDON, March 17 (Reuters) – Royal Dutch Shell Plc’s Chief Executive said on Monday that there is no major problem with world oil supply, making it difficult to explain why prices have hit an all-time peak.

Oil hit a record high of $111.80 a barrel earlier on Monday, the latest leg of a rally that has confounded many of those who produce crude oil or buy it to make useable fuels such as gasoline or diesel.


“From the physical point of view there is no high alarm,” Shell’s Jeroen van der Veer said at a news conference. “It’s difficult to understand why the oil price is where it is.”

“No tankers are waiting in the Middle East, there are no queues for the retail stations here.”

Reuters