by Stephanie Kelly and Shadia Nasralla
LONDON, April 8 (Reuters) – Shell on Wednesday lowered its first-quarter forecast for its integrated gas production, reflecting the impact of conflict in the Middle East on volumes in Qatar.
Trading results from its chemicals and derivatives business, which includes Shell’s oil trading division, are expected to be “significantly higher” than the previous quarter, as are profits. adjusted for its marketing branch, indicated the British oil major.
Brent prices jumped in the first quarter to reach highs not seen in several years, approaching 120 dollars per barrel (102.56 euros), after the United States and Israel attacked Iran at the end February, leading Tehran to de facto close the Strait of Hormuz and attack its Gulf neighbors.
The major oil companies are expected to make a windfall profit of several billion dollars from this conflict due to soaring energy prices.
Shell’s integrated gas production in the first quarter is expected to be around 880,000 to 920,000 barrels of oil equivalent per day (boe/d), the company said. It previously expected 920,000 to 980,000 boe/d. In the fourth quarter of 2025, it had produced 948,000 boe/d.
Shell’s LNG production in the first quarter was expected to be around 7.6 million to 8 million metric tonnes, the major said, adding that ‘this figure reflected the ramp-up of LNG Canada,’ but was offset by constraints weather in Australia and LNG “production interruptions” in Qatar.
Shell previously forecast 7.4 to 8 million tonnes. In the fourth quarter of 2025, the group had liquefied 7.8 million tonnes.
(Mara Vîlcu for the French version, edited by Augustin Turpin)
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