Shell profits nearly triple as oil prices surge

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Shell made US$9,13 billion in the first three months of the year.

ENERGY giant Shell has reported its highest ever quarterly profits as oil and gas prices surge around the world.

Shell made US$9,13 billion in the first three months of the year, nearly triple its US$3,2 billion profit it announced for the same period last year.

But the firm said pulling out of Russian oil and gas due to the Ukraine conflict had cost it US$3,9 billion.

On Tuesday, rival BP also reported a sharp rise in profit, but the UK has so far ruled out a windfall tax.

The invasion of Ukraine has helped oil and gas prices skyrocket. Russia is one of the world’s major exporters but Western nations have pledged to cut their dependence on the country for energy.

Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic. – bbc.com

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