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Monday, 08 September, 2008, 17:50 GMT | more prices >>

Chevron ‘supply worries drive oil price’


Wire services

Chevron believes high oil prices which hit a record above $144 per barrel this week are driven by concerns about supplies, a senior company official said on today.

"In Chevron's view, most of the price increases we have seen are related to fundamental concerns about the outlook for physical supplies in the long term," John Watson, vice president for strategy and development, told the World Petroleum Congress.

Watson's comments follow similar statements from the chief executives of the four largest non-government controlled oil companies in the world, ExxonMobil , Royal Dutch Shell, BP and France's Total at the Congress.

Opec representatives addressing the congress continued to blame speculators and the weak dollar for the ramp up in oil prices, reported Reuters.


Thursday, 03 July, 2008, 07:42 GMT  | last updated: Thursday, 03 July, 2008, 07:52 GMT

Not enough barrels: a lack of supply is pushing up prices according to Chevron
 

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