Global oil demand is expected to peak in 2028, and Shell and its shareholders are going to make as much cash as they can while the getting’s good. The International Energy Agency forecast, released Wednesday, said the COVID-19 pandemic, the rise of EVs, and the energy crisis precipitated by the Russian war in Ukraine all contributed to moving the point of peak oil demand earlier than previously expected. Also Wednesday, Shell announced it was upping its shareholder dividend to 15% and would refocus on fossil fuels.
The extraction and combustion of fossil fuels is the main cause of climate change, with entrenched, status quo actors representing the barrier to addressing the climate crisis. Despite (or because of) this, oil investors are increasingly demanding short-term profits and higher dividends. (IEA forecast: Wall Street Journal $, Reuters, Axios, E&E $, CNBC; Shell dividend: Bloomberg $, Wall Street Journal $, CNBC, The Guardian, Axios, FT $, OilPrice, Wall Street Journal $)