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Shell sees protracted oil price weakness

Reuters UK

Wed Apr 29, 2009 9:38am BST

LONDON, April 29 (Reuters) – Oil and gas prices are unlikley to rise significantly in the next 12-18 months, because of economic weakness, the Chief Financial Officer of oil major Royal Dutch Shell Plc (RDSa.L) said on Wednesday.

“It will take time for the economy to recover, and hence the oil and gas price will be affected by that,” said Peter Voser, who will take over as chief executive in July.

Voser also said Shell’s Soku gas plant in Nigeria remained off line and said the security environment would affect its restart. (Reporting by Tom Bergin, editing by Will Waterman)

 

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