News Update


Shell reports $6.2 billion in profit as oil prices go back up.

The energy giant announced $6.2 billion (£5.1 billion) in earnings for the July–September period, a significant increase over the prior quarter.

However, profits were lower than $9.4 billion during the same period last year due to a spike in gas and oil prices brought on by Russia’s invasion of Ukraine.

While still lower than during that time, oil prices have recently increased.

This is mostly because oil-producing countries that are part of the Opec+ group have reduced their output in order to support the market.

The Middle East conflict could drive up the price of crude oil to $150 per barrel, from its current price of $85; the World Bank issued a warning about this earlier this week.

According to Shell, its profits for the last three months have increased by 23% over the previous quarter.

It claimed to have profited.


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