Shell posts £5.1bn profit as oil prices jump again

Oil and gas giant Shell has posted strong profits in the last quarter between July and September 2023, helped by oil prices rising again.

The energy giant reported earnings of £5.1bn which was up by 23% on the previous quarter but down from the same period last year when Russia’s invasion of Ukraine caused a spike in oil and gas prices.

Oil prices are currently lower than that period, but have risen recently largely due to members of the Opec+ group of oil-producing nations cutting output to support the market.

Earlier this week, the World Bank warned that the conflict in the Middle East could push the price of crude oil up to $150 a barrel – compared to $85 today.

Shell said it said it had benefitted from higher oil prices and pumping more oil and gas, along with making more money from refining and gas trading.

Oil prices surged in 2022 because of the Russian invasion of Ukraine, before falling back earlier this year. 2022 witnessed record profits from energy firms but this has fallen back in 2023 leading to lower profits.

However, the cost of crude oil has moved upwards again since the production cuts in the summer.

Members of Opec+, led by Saudi Arabia and Russia, brought the cuts in due to concerns about weakening global demand.

Moscow also blamed Western “interference with market dynamics”, referring to the cap on Russian oil brought in following its invasion of Ukraine.

As it looks like we are going to see a lot more volatility on the energy markets this winter, we would advise keeping up to date so you can make a more informed decision on approach to your renewal period.

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