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Shell Is Reviewing Its Plan To Reduce Oil Production This Decade
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The CEO of Shell has said that the company’s plan to reduce oil production by up to 2% each year this decade is now under review.
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In 2021, Shell said that its oil production had peaked in 2019 and would continue to decline over the next three decades.
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Recent events have highlighted the fragility of the global energy system and now Shell wants to focus on ensuring energy supply.
Shell’s plan to have its oil production decline by up to 2% each year this decade is currently under review, the supermajor’s new CEO Wael Sawan told The Times in an interview published on Friday, adding that he is a firm believer of the statement “don’t deny people energy.”
Back in 2021, Shell said that its oil production peaked in 2019 and is set for a continual decline over the next three decades as it looks toward the renewables side of the business.