Royal Dutch Shell announces that oil is on its way out – but gradually. Royal Dutch Shell Royal Dutch Shell yesterday announced that the company's oil production peaked in 2019, and they expect a gradual decline. moving forward. The company said in a statement that “Shell today set out its strategy to accelerate its transformation into a provider of net-zero emissions energy products and services, powered by growth in its customer-facing businesses. A disciplined cash allocation framework and rigorous approach to driving down carbon emissions will deliver value for shareholders, customers and wider society. Shell also confirmed its expectation that total carbon emissions for the company peaked in 2018, and oil production peaked in 2019.”