Little hope oil summit will cut prices: Shell

JEDDAH, Saudi Arabia (Reuters) – Crisis talks over record high oil prices are unlikely to quickly turn the tables on roaring markets, the chief of Royal Dutch Shell said on Sunday.

“What I’ve heard so far are basically all good ideas, but it will probably not change the price tomorrow morning,” Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) CEO Jeroen van der Veer told Reuters.

Saudi Arabia has said in recent days it will boost production again in July to 9.7 million barrels per day (bpd), it highest rate in decades.

But delegates said the final communique from the emergency meeting of world oil powers was unlikely to deliver any hard measures, focusing instead on the need for greater transparency in oil markets, increased investment and low-carbon renewable energy sources.

Reuters