Speed Reading — Oil Production - Level 5 — 200 wpm

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The oil company Shell has announced it has passed its peak production of oil. Shell said that, "oil production peaked in 2019". The days of declining output have started. The fall comes a year ahead of Shell's forecasts. In 2015, the company predicted the peak demand would be in 2020. The company expects a drop of up to two per cent production per year. The announcement included news that Shell would reduce the number of its oil refineries from 14 to six. This means the loss of around 9,000 jobs, or more than 10 per cent of its workforce.

Shell is shifting its focus onto renewables and reducing its carbon footprint. It wants to have net-zero carbon emissions by 2050. It wants to diversify into providing energy rather than extracting fossil fuels. It wants to explore green technologies such as carbon capture and electric vehicle charging stations. Shell's CEO vowed to create half a million EV charging points by 2025. He said: "We must give our customers the products and services they want - products that have the lowest environmental impact. We will...grow in markets where demand for cleaner products and services is strongest."

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