AMSTERDAM — Oil company Royal Dutch Shell PLC said today it will boost production by 11 percent by 2012 from 2009 levels, slightly more than previously forecast, and sell assets and cut more jobs.
The targeted output rise, to 3.5 million barrels of oil per day, would reverse a decade of production declines at Europe's largest oil company.
Shell expects oil to trade typically in a $50-$90 range for the next two years.
The company announced plans to cut 2,000 jobs before 2012, 1,000 more than previously announced.
In the year ended in December, Shell laid off around 5 percent of its work force of roughly 100,000.
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In February, Shell reported a fourth quarter profit of $1.96 billion, reversing a loss of $2.81 billion in the same period of 2008 due to a fall in the value of its inventory.
