{"id":106054,"date":"2023-11-02T16:48:54","date_gmt":"2023-11-02T16:48:54","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/shell-posts-6-2bn-profit-as-oil-prices-rise-again"},"modified":"2023-11-02T17:39:48","modified_gmt":"2023-11-02T17:39:48","slug":"shell-posts-6-2bn-profit-as-oil-prices-rise-again","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/shell-posts-6-2bn-profit-as-oil-prices-rise-again","title":{"rendered":"Shell posts $6.2bn profit as oil prices rise again"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Oil and gas giant Shell has posted strong profits helped by oil prices rising again.<\/p>\n

The energy giant reported earnings of $6.2bn between July and September, up sharply on the previous quarter.<\/p>\n

Profits were down from $9.4bn in the same period last year, however, when Russia’s invasion of Ukraine caused a spike in oil and gas prices.<\/p>\n

Oil prices are currently lower than that period, but have risen recently.<\/p>\n

That is largely due to members of the Opec+ group of oil-producing nations cutting output to support the market.<\/p>\n

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.<\/p>\n

Shell said its earnings in the past three months were up 23% on the previous quarter.<\/p>\n

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.<\/p>\n

Oil prices surged in 2022 before falling back earlier this year, leading to lower profits at energy firms.<\/p>\n

However, the cost of crude oil has moved upwards again since the production cuts in the summer.<\/p>\n

Members of Opec+, led by Saudi Arabia and Russia, brought the cuts in due to concerns about weakening global demand.<\/p>\n

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

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Oil and gas giant Shell has posted strong profits helped by oil prices rising again. The energy giant reported earnings of $6.2bn between July and September, up sharply on the previous quarter. Profits were down from $9.4bn in the same period last year, however, when Russia’s invasion of Ukraine caused a spike […]<\/p>\n","protected":false},"author":84,"featured_media":106053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-106054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nShell posts $6.2bn profit as oil prices rise again - kenya<\/title>\n<meta name=\"description\" content=\"Oil and gas giant Shell has posted strong profits helped by oil prices rising again. 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