Oil and gas giant Shell has posted strong profits helped by oil prices rising again.
The energy giant reported earnings of US$6.2 billion between July and September, up sharply on the previous quarter.
Profits were down from US $9.4 billion in the same period last year, however, 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.
That is largely due to members of the Opec+ group of oil-producing nations cutting output to support the global market.
Earlier this week, the World Bank warned that the conflict in the Middle East could push the price of crude oil up to US$150 a barrel – compared to US$85 today.
Last year oil prices surged, but this year, prices have generally been lower, and energy firms have seen their profits decline as a result.
However, the cost of crude oil has moved upwards again since the production cuts in the summer, which were led by Russia and Saudi Arabia, and Shell’s earnings in the past three months were up 23% on the previous quarter.
Shell said it had benefited from higher oil prices and pumping more oil and gas, along with making more money from refining and stronger liquefied natural gas trading.
Source:norvanreports