Sun, May 19, 2024

Shell Oil Company CEO Says to Invest in Oil

Wibest – Shell Oil Company: A car refueling in Shell.

Shell oil company CEO Ben van Beurden appeared in front of the media to express the concern of the firm. The company, Royal Dutch Shell, sees plentiful opportunities to continue business from petroleum and gas in the years to come.

The statement came even after investors and government officials increased pressure on energy firms as they fear climate change.

The Shell oil company CEO expressed his sentiments and worries that some shareholders could leave the company.

Beurden said that if it happens, it would be partly due to the “demonization” of the petroleum and oil sector. The official added that there are “unjustified” concerns that the company model is unsustainable.

The company drew a lot of criticism in the recent years as more and more activists showed concern for the environment.

Shell oil company currently supplies almost 3% of the world’s petroleum and oil demands. And the company is one of the biggest contributors to greenhouse gas emissions which are harmful to the environment.

In 2017, the company planned to lessen the intensity of its greenhouse emissions in half a century.

Despite the plan, the company’s carbon dioxide emissions still rose 2.5% between 2017 and 2018. That further infuriated activists and some parts of the investing community.

The company and CEO Beurden continue to reject the demand of climate change activists to change the company’s business model.

Beurden told interviewers that the company has no choice but to invest in petroleum and oil. The Shell oil company CEO justified that investing in oil is legitimate because the world demands it.

More Endeavors

Wibest – Shell Oil Company: Shell company logo.

Royal Dutch Shell CEO Ben van Beurden is one of the most prominent voices in the energy sector. The company official is also an advocate for action over global warming after the 2015 Paris climate agreement.

Shell oil company and other similar firms have insisted that transitioning from oil and gas to cleaner energy sources will take years. According to these companies, as long as the demand for transport and plastic continues, the business will also continue.

In its presentation last June, Royal Dutch Shell planned to push almost 35 new petroleum and oil projects by 2025. Crude production is the backbone of the company, which continues to thrive for more than a century.

Even if the company is known for its oil production, it is seeking expansion or diversification of its businesses over the next twenty years.

Oil Prices Today

The news from the Shell oil company CEO isn’t the only headliner in the oil and commodities market in today’s trading. Petroleum and oil prices are currently on their second day of contraction this week.

WTI crude or West Texas Intermediate oil prices went down 0.47% or 0.25 points in today’s trading session. WTI crude barrels currently trade for $53.34, lower than its previous close of $53.59.

Meanwhile, the Brent oil contract fell 0.40% or 0.24 points and currently trades for $59.11 in today’s trading. Brent oil prices have hit ranges from $58.78 to $59.27 in sessions.

Petroleum and oil prices are expected to slip down as the trade war between the US and China progresses.

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