Shell refineries forecast to make double the profit from every barrel of fuel
Source: The Guardian ·
Record prices caused by global shortages amid shutdown of war-damaged refineries in Middle East and RussiaShell’s refineries are expected to make almost double the profit from every barrel of fuel produced owing to record prices caused by shortages around the world.In a market trading update on Wednesday, the energy supermajor forecast profit margins of $42 a barrel in the July to September…
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Shell’s refineries are expected to make almost double the profit from every barrel of fuel produced owing to record prices caused by shortages around the world. In a market trading update on Wednesday, the energy supermajor forecast profit margins of $42 a barrel in the July to September period, far above the $24 a barrel of the second quarter and the previous high of about $28 in mid-2022. The margins reflect the steep increase in the price of refined fuels, including diesel, relative to the cost of crude oil, as the shutdown of war-damaged refineries in the Middle East and Russia squeezes supplies. The Middle East crisis helped Europe’s biggest oil and gas company to a profit of almost $10bn (£7.5bn) for the second quarter of 2026, more than double the figure for the same period last year and its second highest quarterly earnings on record. The market value of Shell, now the second largest company on the UK’s FTSE 100 index, climbed to a record high of £36.23 a share at the end of…