Jul 6, 2023
Oil giant Shell warns cutting production ‘dangerous’
Cutting oil and gas production would be "Dangerous and irresponsible", the boss of energy giant Shell has told the BBC. Wael Sawan insisted that the world still "Desperately needs oil and gas" as moves to renewable energy were not happening fast enough to replace it. Professor Emily Shuckburgh, a climate scientist at the University of Cambridge, said firms such as Shell should focus on accelerating the green transition "Rather than trying to suggest the most vulnerable in society are in any way best served by prolonging our use of oil and gas". Mr Sawan told the BBC: "I respectfully disagree." He added: "What would be dangerous and irresponsible is cutting oil and gas production so that the cost of living, as we saw last year, starts to shoot up again." While head of the UN Antonio Gutteres said investment in new oil and gas production was "Economic and moral madness". Mr Sarwan did not rule out moving Shell's headquarters and stock market listing to the US. American oil companies command higher prices for their shares - Exxon Mobil for example is worth 40% more than Shell per dollar of profit.
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