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Shell to Review Oil Output Reduction Targets

ENERGY

Shell is reviewing its current plan to reduce oil output by 1% to 2% per year by 2030 according to CEO Wael Sawan.

  • Shell could revise its current output plan despite the strategy to shift the company towards low-carbon energy.
  • "I am of a firm view that the world will need oil and gas for a long time to come. As such, cutting oil and gas production is not healthy," said Sawan.
  • Shell expects its oil and gas output to reach between around 1.8m and 2m barrels of oil equivalent per day this quarter.
  • Last month BP revised plans to cut its oil and gas output targeting a reduction of 25% by the end of the decade compared to previous plans for a 40% cut.
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