Tag: Shell Oil

Shell Beats Forecasts With $9.65 Billion Profit in First Quarter

May 4, 2023
Business & MarketsCompanieseconomic policieseconomyenergyEuropeinflationInvestmentMarketsquarterly earningsRussia-Ukraine WarShell OilUKWorld
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Shell announced higher-than-expected profits for the first three months of 2023, continuing a positive winning streak after energy prices surged last year due to the Russian war against Ukraine. Quarterly earnings benefited from higher oil and gas prices, a boost in refining profits, and excellent performance from its trading division. The UK-based oil company released its first…

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Energy Rationing Could Last For Years, Warns Shell CEO

August 30, 2022
Business & MarketsCompaniesenergyEuropeInternationalRussiaShell OilWorld
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The CEO of oil and gas giant Shell has warned that gas shortages across Europe may last for several winters and that energy rationing may be required. CEO Ben van Beurden made the comments at a press conference in Norway on Monday where he said he does not believe the current energy crisis will be “limited to just one…

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Shell CEO Warns of ‘Very Low’ Spare Capacity, Highlights ‘Problematic’ Gas Situation in Europe

June 29, 2022
Asia & PacificBusiness & MarketscommoditieseconomyEuropeeuropean sanctions on russiaInternationalMarketsRussian Oil TradeSaudi Arabia oil productionSaudi AramcoShell OilWorld
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Ben van Beurden, the CEO of Shell, recently warned about the low spare capacity in the oil markets and raised doubts about replacing Russian gas with LNG in Europe. “I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” van Beurden told reporters, according…

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Shell CEO Warns About Impossibility of Tracing Refined Russian Oil

May 6, 2022
Business & EconomycommoditiesCompaniesEuropeeuropean sanctions on russiaMarketsRussian Oil BanRussian Oil TradeShell OilWorld
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Even though the West is taking every measure to limit the use of Russian oil in their regions, it may be difficult to enforce these sanctions absolutely due to the impossibility of tracing Russian oil refined and resold by other nations, according to a major oil executive. During a first quarter webcast with reporters on…

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Shell Oil Exiting Russia, Withdraws From Multiple Joint Ventures

March 1, 2022
British PetroleumBusiness & EconomyCompanieseconomyEuropeMarketsRussia Ukraine invasionRussia-Ukraine Warsanctions on RussiaShell OilUKWorld
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Shell announced plans to pull out from Russia after the country launched an invasion into neighboring Ukraine, making the multinational oil and gas giant the latest in a series of companies and organizations to embrace decoupling. Shell will exit its joint ventures with Gazprom, the Russian state-owned energy corporation, and its related entities. This includes…

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Shell Yearly Profits Surge Four-Fold as Fuel Prices Rocket Upward

February 3, 2022
Business & EconomyCompaniesgas pricesoil pricesShell OilUKWorld
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Oil company Shell recorded a quadrupling of yearly profits as oil and gas prices reached peak levels, leading the company to buy back shares and increase shareholder dividends. “2021 was a momentous year for Shell,” said company CEO Ben van Beurden in the earnings report published Feb. 3. “Progress made in 2021 will enable us…

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