Shell CEO Says Global Spare Capacity is Running ‘Very Low’

“Spare capacity is running very, very low,” Shell CEO Ben van Beurden said on June 29, adding that despite economic and COVID-19 challenges, global oil and gas demand is still recovering.

Muyu Xu and Florence Tan, Reuters

Uncertainty in global oil and gas markets could stay for some time to come as spare capacity is very low while demand is still recovering, Shell Plc CEO Ben van Beurden said on June 29.

“I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” he told reporters.

“Spare capacity is running very, very low,” he said, adding that despite economic and COVID-19 challenges, global oil and gas demand is still recovering.

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