Shell CEO Says Cutting Oil and Gas Production Is Not Healthy
Shell’s new boss said cutting oil and gas output would be bad for consumers, echoing a pivot by other major energy producers toward fossil fuels and energy security.
“I am of a firm view that the world will need oil and gas for a long time to come,” Shell chief executive Wael Sawan said in an interview with Times Radio on Friday. “As such, cutting oil and gas production is not healthy.”
BP, Shell’s closest peer, said last month that it would slow the planned decline in its oil and gas production in order to guarantee the reliability of energy supply following the disruption caused by Russia’s invasion of Ukraine.
“We’ve seen of course through 2022 the fragility of the energy system,” Sawan said. “To see prices start to skyrocket, that’s not healthy for anyone, particularly consumers.” – Bloomberg