Royal Dutch Shell is bracing for a peak in oil demand by the end of the next decade by edging towards renewable power and the electric vehicle industry.
Shell boss Ben Van Beurden said the oil major had changed its company mindset to a “lower forever” oil price environment and is focusing on being “fit for the forties”, in reference to the faltering oil price, which has struggled to remain above the $50 a barrel mark.
The group is already shifting its production focus from oil to natural gas, but in its clearest statement of intent to date Mr Van Beurden said that within the next year Shell will reveal early plans for a deeper presence in renewable energy and the electrical chain to tap into the boom in electric vehicles.
On Wednesday the UK followed France’s pledge to halt the sale of internal combustion vehicles by 2040, just weeks after the world’s fastest growing …
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