Bloomberg News

Shell Sees 2012 Oil Output Growth Curbed by Lower Europe Demand

December 06, 2011

Dec. 6 (Bloomberg) -- Royal Dutch Shell Plc, Europe’s largest oil company, expects growth in production next year to be curbed by a slowing economy in the region.

“We see softening of the market,” Chief Executive Officer Peter Voser said in an interview. “The economy will be softening to 2012” in Europe “but we are still positively optimistic for the world and we will still have growth. And the outlook for 2013, 2014, 2015 should be more positive.”

European energy demand has also been reduced by mild weather in the fourth quarter, Voser said in Doha, Qatar.

In March, Shell said production next year would rise to 3.5 million barrels a day. Extraction will reach 3.7 million by 2014 because of projects including the Pearl gas-to-liquids and Qatargas 4 liquefied natural-gas ventures in the Middle East.

Last year, production increased 5.5 percent to 3.314 million barrels of oil equivalent a day.

--Editors: Tony Barrett, Alex Devine

To contact the reporters on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net;

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net;


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