Kuala Lumpur (Platts)--4Jun2012/1158 pm EDT/358 GMT

Oil prices have fallen in recent weeks due to a weaker global demand outlook and the reduced impact of short-term geopolitical risk in the market, Shell's CEO Peter Voser said Tuesday.

"The softening of the oil price at the moment is a reflection of some of the geopolitical issues being less dominant and the lower demand outlook coming into the pricing picture," Voser told reporters on the sidelines of the World Gas Conference in Kuala Lumpur, Malaysia.

Growing unrest in Syria and political tension over Iran's nuclear program, however, continue to support oil prices in the "short to medium term," Voser said.

Longer term, market fundamentals will remain a pressure on oil prices where "supply will struggle to keep pace with demand," Voser said.

ICE Brent crude oil futures fell below $100/barrel to eight-month lows last week with the eurozone debt crisis largely attributed to a selloff seen through May. Weaker-than-expected macroeconomic data out of both China and the US have added to bearish sentiment, putting further pressure on prices.

--Staff reports, newsdesk@platts.com

--Edited by Geetha Narayanasamy, geetha_narayanasamy@platts.com