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Chevron says supply worries drive oil price

MADRID
Thu Jul 3, 2008 3:48am EDT

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MADRID (Reuters) - Chevron (CVX.N) believes high oil prices, which hit a record above $144/barrel this week, are driven by concerns about supplies, a senior company official said on Thursday.

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"In Chevron's view, most of the price increases we have seen, are related to fundamental concerns about the outlook for physical supplies in the long term," John Watson, vice president for strategy and development, told the World Petroleum Congress.

Watson's comments follow similar statements from the Chief Executives of the four largest non-government controlled oil companies in the world, Exxon Mobil (XOM.N), Royal Dutch Shell Plc (RDSa.L), BP Plc (BP.L) and France's Total (TOTF.PA) at the Congress.

OPEC representatives addressing the Congress continued to blame speculators and the weak dollar for the ramp up in oil prices.

(Reporting by Tom Bergin)
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