Shell flags lower Q1 gas output due to Middle East war but sees much higher trading profits

Shell PLC announced a drop in first-quarter gas production to 880,000-920,000 barrels per day, down from 948,000 in Q4, due to disruptions from the Middle East conflict affecting its Qatar operations. Liquefied natural gas volumes remain stable, while upstream production is slightly lower due to portfolio changes. Despite lower production, Shell expects significantly stronger oil trading and marketing earnings, alongside improved refining margins rising to about $17 per barrel. The company will release full Q1 results next month, highlighting resilience amid geopolitical challenges.