Shell To Quit Its Goal Of Lowering Oil Output: Report
Portfolio Pulse from Akanksha Bakshi
Shell reportedly plans to maintain or slightly increase oil output into 2030, scrapping its target of reducing oil output by 1% to 2% per year. This comes as the company struggles with low renewables return while oil and gas revenues soar. Shell has canceled many projects, including offshore wind, hydrogen, and biofuels, and is abandoning its European power retail companies.
June 09, 2023 | 4:09 pm
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Shell plans to maintain or increase oil output into 2030, scrapping its target of reducing output by 1% to 2% per year. The company is struggling with low renewables return and has canceled several projects.
Shell's decision to maintain or increase oil output and cancel several projects indicates a shift in focus towards oil and gas revenues. This may have a neutral short-term impact on the stock price, as the company is adapting to market conditions and investor expectations. However, the long-term impact may depend on the success of these strategies and the overall market trends.
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IMPORTANCE 80
RELEVANCE 100