Shell updates Q1 2026 outlook amid Middle East conflict, expects lower production and higher volatility.

Shell plc released an updated outlook for Q1 2026, highlighting expected lower production volumes due to the Middle East conflict, particularly impacting Qatari LNG supplies. The company anticipates increased volatility in commodity prices affecting working capital and a rise in variable shipping lease costs. Despite challenges, Shell expects higher marketing earnings and stable refining margins, with adjusted earnings in renewables projected to improve. Final results will be published on May 7, 2026, with ongoing uncertainty due to geopolitical risks.