Upward pressure on oil prices set to continue, warns Shell CEO

Volatility in the oil and gas markets could persist for some time, because companies have very little spare capacity — that is the ability to produce more oil — and almost no room to compensate for a major supply outage, while demand is still recovering. During a media roundtable in Singapore on June 29, Shell CEO Ben van Beurden warned that the upward pressure on oil prices is set to continue. He also gave an update on Shell’s target of net-zero emissions of greenhouse gases by 2050, saying it has made “strong progress”.

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