Shell could U-turn on oil output cuts - CEO

STORY: Shell is reviewing its current plan to lower oil output by 2030.

That's what CEO Wael Sawan told Britain's Times newspaper.

The oil and gas major had said it would aim to reduce output by 1 to 2% per year.

But Sawan told The Times the firm was 'reflecting on what is the right guidance to the market'.

He added the world would need oil and gas for a long time to come.

And for that reason cutting production was - quote - 'not healthy.'

Sawan took charge of Shell at the start of the year.

He vowed to boost the company's performance and review its operations.

He also supported the last CEO's strategy to move Shell towards low-carbon energy.

Sawan's newest comments come after rival BP made a similar move last month.

It pulled back on plans to cut oil and gas output by 40% the end of the decade.

BP said it would now aim to cut output by a quarter instead.

Both Shell and BP reported record profits last year.

Oil and gas prices soared following Russia's invasion of Ukraine.