Current record oil prices are being supported by speculation and
geopolitical tension rather than any fundamental factors, Shell's Chief
Financial Officer Peter Voser said Thursday.

"We find it hard to explain current prices," Voser told a conference call
after Shell announced its third-quarter results.

There is no sign in the current market of a fundamental imbalance, with
nobody "queuing for fuel" and stock levels remaining adequate, Voser said.

"The price seems be driven by some speculation and also has a political
premium in it rather than the fundamental factors," he said.

ICE Brent futures earlier Thursday hit $86/barrel for the first time,
while NYMEX WTI was trading at over $88.50/b, not far shy of last week's
record trade at $90.07/b.