Since Russia's invasion of Ukraine nearly three years ago, Europe's primary gas supply was disrupted, leading to a profitable environment for fossil fuel producers. However, as market volatility decreases, major oil companies like Shell and ExxonMobil are anticipating reduced profits. Analysts predict Shell's adjusted annual profits to drop from $28.25bn in 2023 to just above $24bn this year, highlighting a significant financial decline amidst increasing investments in new oil and gas projects and changing market dynamics.
As markets have reduced to a simmer, oil executives have warned that profits are also going off the boil.
Europe's largest oil company, Shell, is widely expected to deliver weaker profits this week when it unveils its full-year financial results.
Collection
[
|
...
]