Royal Dutch Shell Plc (RDSA) Chief Executive Officer Peter Voser believes the $116 oil price caused by the Middle East crisis will soon ease but warned of a longer- term shock where supply can’t meet demand, the Daily Telegraph reported, citing Voser in an interview.
Lack of investment over the past few years will most likely be the biggest cause of high oil prices, the newspaper cited Voser as saying.
Voser said he’s confident the Organization of Petroleum Exporting Countries would be able to compensate for the loss of one million barrels a day of production from Libya, the Telegraph reported.
Oil rose to a 29-month high in New York yesterday on concern that the unrest in Libya will spread to other oil producers in the region.
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