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The Independent UK
The Independent UK
National
Holly Williams

Shell updates its yearly forecasts as impact of Iran war hits

Shell Iran
  • Shell has revised its integrated gas production forecast upwards for the second quarter, driven by surging crude oil costs boosting its trading operations.
  • Despite this improved outlook, the energy giant expects a sharp decline in integrated gas production for Q2 compared to Q1.
  • This reduction is primarily due to the ongoing conflict in the Middle East, which has impacted output from Qatar, including the Pearl GTL site being offline since March.
  • Shell anticipates trading results in its chemicals and products unit to align with the previous quarter's strong performance, with gas trading expected to be 'significantly higher'.
  • While Shell's shares have been affected by oil prices returning to pre-war levels, higher refining margins offer hope for shareholder dividends.

IN FULL

Shell boosted by oil price spike due to Iran war — but gas production takes a hit

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