Shell Says It Has Reached Peak Oil Production

Shell says oil is on its way out.

In a Thursday statement, the fossil fuel giant said its “oil production peaked in 2019,” and that we can now expect it to decline gradually by 1 or 2% per year. Shell also said its total carbon emissions peaked in 2018 at 1.7 gigatonnes.

The statement doesn’t come as a total surprise. The oil market has been in decline for years, and since the covid-19 pandemic began last year, fuel prices went from bad to catastrophically bad. Last Fall, the International Energy Agency predicted a “treacherous” path ahead for the industry. And in September, fellow energy giant BP said the world may have already reached peak oil. Shell’s own CFO hinted at the announcement in May when she told investors the company has experienced “major demand destruction that we don’t even know will come back,” and soon after, Shell wrote down $22 billion on its balance sheets. But still, this is the first time it’s made an outright announcement of this kind.

Full article here.