Shell CEO and OPEC see no oil shortages today
Mon Jun 2, 2008 9:27am BST
KUALA LUMPUR (Reuters) – Royal Dutch Shell Chief Executive Jeroen van der Veer said on Monday he did not see any shortage of physical oil supplies, echoing the view of many OPEC ministers who say the world market is well supplied.
“There are no physical shortages in the world. We don’t have ships waiting in the Middle East, no people queuing up for gasoline,” Van der Veer told reporters in the Malaysian capital, where he was briefing on Shell’s Asian business plan.
“From a stocks point of view the whole value chain works well… It (the price) has a lot to do with psychology.”
Oil prices have risen more than fourfold since 2004 and gained more than 30 percent this year alone, partly on increased fears among investors that producers will struggle to produce enough oil to meet demand in a decade’s time.
U.S. crude prices hit a record high of $135.09 a barrel last month before retreating to $126.37 on Monday.
Ministers from the Organisation of the Petroleum Exporting Countries have consistently blamed the falling U.S. dollar, geopolitical tensions and other factors beyond their control for the spike in prices.
Most recently U.S. politicians have put presure on regulators to stem the influx of investment funds into the market.
“Oil prices, like many other commodities group, have relatively high volatility. That is difficult to manage.”
(Reporting by Chua Baizhen; Editing by Jonathan Leff and Ramthan Hussain)
© Thomson Reuters 2008 All rights reserved.
http://uk.reuters.com/article/oilRpt/idUKSP30005320080602
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
