LONDON— Royal Dutch Shell PLC said it would start reducing oil production, calling an end to a decades-old strategy centered on pumping more hydrocarbons as it and other energy giants seek to capitalize on a shift to low-carbon power.
The move marks a historic shift for the company, which after starting out importing seashells began selling kerosene in the 19th century and had sought to grow its oil business ever since. Until recent years, it pursued expensive, environmentally challenging projects in Canadian oil sands and Alaska, driven by fears the world could run out of oil. Now, it sees demand faltering long before oil runs out.
