- Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden said today that oil demand may outpace supply growth this year, and that oil prices will increase in the next few years if production projects are canceled, helping crude futures move sharply higher today.
- Expectations for higher economic growth this year should translate into higher demand for oil, but oil producers' pullback because of weak oil prices probably means supply will not keep up, the CEO said.
- Earlier: Shell CEO thinks big oil should take bigger profile on climate change
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