Shell oil company managers say they cannot increase oil and gas supply to prevent Europe’s energy crisis.
The Financial Times wrote in a report: Shell has warned that it cannot save Europe by increasing oil and gas supply in the winter of 2022; Because it is feared that declining Russian exports will drive the price of crude oil above $100 a barrel. Although the oil market has calmed down in recent weeks, this period will end when EU sanctions on Russian oil and gas sales take effect at the end of 2022. Meanwhile, U.S. Treasury Secretary Janet Yellen warned this week that sanctions “could lead to higher oil prices.” The U.S. Treasury Secretary also said, “It’s not that the United States can inject more into the market. Our production is what it is. No help is coming. Not for oil, not for gas.” U.S. exports of oil and liquefied natural gas have risen to take advantage of higher prices in Europe, but now they are nearing their peak, oil and gas activists said. Scott Sheffield, CEO of Pioneer Natural Resources, said. “We are not adding rigs and I haven’t heard of anyone adding rigs,” said Sheffield, who runs one of the largest oil producers in the United States. “With reduced supply, oil prices could rise above $120 a barrel in the winter of 2022.”