September 11, 2009 / 5:32 PM / in 11 years

Shell CEO says price hikes coming, oil sands needed

Royal Dutch Shell CEO Peter Voser addresses 150 international Industry leaders at the Spruce Meadows Round Table Forum in Calgary, Alberta, September 11, 2009. REUTERS/Jack Cusano

CALGARY, Alberta (Reuters) - Another round of significant oil price increases could come within four to five years because oil companies slashed investments to cope with last year’s plunge in oil prices, Peter Voser, Royal Dutch Shell’s chief executive, said on Friday.

Speaking at a Calgary, Alberta, conference, Voser added that the world will need the oil produced from Canada’s oil sands but the country’s government and oil industry have failed to make a case for exploiting the resource.

Reporting by Jeffrey Jones, writing by Scott Haggett; editing by Peter Galloway

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