Shell says it is past peak oil production
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READING:
The oil company Shell has passed its peak production. Its production peaked in 2019. Production is falling, a year ahead of Shell's forecasts. In 2015, it predicted peak demand would be in 2020. The company expects a drop of two per cent per year. Shell will also cut the number of its oil refineries from 14 to six. This means the loss of around 9,000 jobs, or more than 10 per cent of its workforce.
Shell will shift to renewables and reducing its carbon footprint. It wants to have net-zero carbon emissions by 2050. It will diversify into providing energy. It will explore green technologies such as carbon capture and electric vehicle charging stations. Shell's CEO wants to give customers the products and services they want, that have the lowest environmental impact. He said: "We will...grow in markets where demand for cleaner products...is strongest."
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