Chiefs of oil firms call for investment

Chief executives of the world’s top oil firms met ministers from the biggest producers and consumers yesterday as record crude prices of above $75 a barrel added urgency to consumers’ calls for more supply investment.

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Consumer governments are urging international oil companies to spend more on producing and refining oil and they want major exporters like Saudi Arabia to lift barriers to investment. “(The price) is a lot to do with psychology and not much to do with fundamentals,” said Jeroen van der Veer, chief executive of Royal Dutch Shell. “There is no demand unmet in the world.”

Kazinform