We think the high oil prices of late are due to geopolitics."
OPEC president Mohamed bin Dhaen al-Hamli said Thursday. Iran's detention of 15 UK service personnel almost two weeks ago had helped push oil prices up to six month highs, but the release of the sailors Wednesday sent oil prices down.

"There is a lot of production out of action...our contractors cannot work safely."
CEO Jeroen van der Veer said Thursday. Shell is hoping to make increased effort to restart nearly 500,000 b/d of oil production currently shut in in the Niger Delta after elections this month in Nigeria. The company has had to shut in some 477,000 b/d of output from the Forcados system and the shallow water EA field since February 2006 after militant attacks forced it to withdraw workers from the area.

Updated: April 5, 2007