THE INDEPENDENT (UK): Shell chief expects oil price to fall: “JEROEN VAN der Veer, the chief executive of the Royal Dutch/Shell oil giant, said yesterday he expected oil prices to decline over the next year as global demand slows. "In a year's time, prices will ease," he told the BBC's Breakfast with Frost. (ShellNews.net) 15 Nov 04

BUSINESS Monday 15 November 2004 Page 42

IN BRIEF

Shell chief expects oil price to fall

JEROEN VAN der Veer, the chief executive of the Royal Dutch/Shell oil giant, said yesterday he expected oil prices to decline over the next year as global demand slows.

"In a year's time, prices will ease," he told the BBC's Breakfast with Frost. "At the moment, there are enough stocks. There is no real alarm." He added that the increased price of oil over the last year is likely to dampen demand.

The price of a barrel of oil has recently topped $50 (£27), although it has slipped back to $47.