Shell shares hit all-time high on oil prices, strategy shift
A record share price for Shell has been generated by concerns about global oil supplies, pushing up the price and expectations that the business will focus more on core oil-and-gas operations and less on renewables.
(Video Transcript)
Record-high for Shell strategy shift and Middle East conflict
Shares in Shell have hit a new all-time record high this morning. Here's a combination of what's happening. First of all, there is a renewed focus on strategy, which we've been hearing about for the last three or four weeks from the new chief executive. And also, of course, the recent war that's developed between Israel and Hamas.
Let's take a look at the share price chart which has been really moving in the last few days or so, where we've got this rise that we've seen since the recent rally started just a week or so ago. And in fact, in today's session, it's taken us beyond that 2,755 level, which was the highest that we saw back on 18 May 2018.
Employees plead with Shell to go greener
It’s partly due to the war between Hamas and Israel, and also partly due to moves Shell chief executive Wael Sawan has gone under pressure over, for his strategy from within the energy company. This came after two employees issued a rare open letter urging him not to scale back investments in renewable energy, sparking a big internal debate.
Now, part of the problem is that renewables cost these companies a lot of money. They're going to cost the consumers a lot of money. And this move back into some of the traditional areas is seeing potential boost to earnings. So, in today's session, a new record high for the price of Shell.
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