Shell Q1 profits soar on stronger oil prices

Shell’s net income attributable to shareholders in the quarter, based on a current cost of supplies and excluding identified items, rose to $5.322 billion from a year ago. (Reuters)
Updated 26 April 2018
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Shell Q1 profits soar on stronger oil prices

LONDON: Royal Dutch Shell on Thursday reported a 42 percent rise in profits in the first quarter of 2018, the highest in over three years, boosted by higher oil prices and beating analysts’ expectations.
Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding identified items, rose to $5.322 billion from a year ago, compared with a company-provided analysts’ consensus of $5.277 billion.
A year ago, net income was $3.754 billion.
“Shell’s strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our Integrated Gas business, and improved profitability in our Upstream business,” Chief Executive Officer Ben van Beurden said in a statement.
Benchmark Brent crude oil price recovered strongly in recent months to reach $75 a barrel, the highest since late 2014. Prices averaged around $67 a barrel in the first quarter, nearly 25 percent higher than a year ago.


Iran says no OPEC member can take over its share of oil exports -SHANA

Updated 19 August 2018
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Iran says no OPEC member can take over its share of oil exports -SHANA

  • Senior Iranian diplomat urges OPEC’s secretary general to keep the group away from the political agenda of some members
  • Iran has asked OPEC to support it against new US sanctions

LONDON: A senior Iranian diplomat urged OPEC’s secretary general to keep the group away from the political agenda of some members and said none should be allowed to take over another’s share of its oil exports, Tehran’s oil ministry news agency said on Sunday.
“No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions,” SHANA quoted Kazem Gharibabadi, Iran’s permanent envoy to Vienna-based international organizations was quoted as saying.
Iran has asked OPEC to support it against new US sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global oil supplies.