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Shell CEO Sees Risk of Even Higher Oil Prices on Tight Supply

A customer refuels a vehicle at a Shell gas station in Hercules, California, US.

A customer refuels a vehicle at a Shell gas station in Hercules, California, US.

Photographer: David Paul Morris/Bloomberg

Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc

“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”