Shell drops target to cut oil production as CEO aims for higher profits

Shell has abandoned plans to cut oil production each year for the rest of the decade, in a shift in approach to firmly target fossil fuels and increase payouts to shareholders under its new chief executive.

The oil company on Wednesday announced that production would remain stable until 2030, after previously saying it would cut output by about 1-2% each year.

Shell will invest $40 billion in oil and gas production between 2023 and 2035