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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

Shell drops target to cut oil production as CEO aims for higher profits

Shell Wael Sawan Oil
Row of parked Shell oil tanker trucks.
Shell’s 2021 strategy said the firm would aim for a gradual reduction in oil output of 1-2% a year. Photograph: Bloomberg/Getty Images

Shell has abandoned plans to cut oil production each year for the rest of the decade, in a shift in approach to firmly target fossil fuels and increase payouts to shareholders under its new chief executive.

The FTSE 100 oil company on Wednesday announced that production would remain stable until 2030, after previously saying it would cut output by about 1-2% each year.

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