Shell to speed up emissions cuts, says oil output peaked

London: Global energy company Shell said it plans to eliminate seven refineries and reduce production of gasoline and diesel fuel by 55 per cent over the next decade as it unveiled new plans for reaching its goal of being carbon neutral by 2050. Royal Dutch Shell, which built its brand exploring for oil and natural gas in Africa, South America and the North Sea, said Thursday that the company’s oil production peaked in 2019 and is expected to decline by 1 per cent to 2 per cent annually.

“Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society,” Chief Executive Ben van Beurden said in a statement.