Shell Thinks Peak Oil Was In 2019, Predicts Declines Going Forward

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Royal Dutch Shell stated on Thursday that it expects oil production to decline every year going forward by 1% or 2% and that its carbon emissions probably peaked in 2018.  CEO Ben van Beurden said "Our accelerated strategy will drive down carbon emissions,… Whether our customers are motorists, households or businesses, we will use our global scale and trusted brand to grow in markets where demand for cleaner products and services is strongest, delivering more predictable cash flows and generating higher returns.”

Despite Shell unveiling plans in September 2020 to become a net zero emissions business by 2050, Shell will continue to spend about $8 billion a year on oil exploration while it will spend $2-$3 billion annually on renewable and hydrogen technology.  Shell has said it wants to sell double the amount of electricity by 2030 that it currently sells.  Shell is one of the largest wind turbine farm owners with large wind farms in Texas and Europe.