Shell Expects at Best Steady Fuel Sales in Q1 2021

Shell Expects at Best Steady Fuel Sales in Q1 2021

Shell expects its fuel sales to decline or stay broadly steady in Q1 2021 as some Coronavirus restrictions ease, according to Reuters.

Shell’s refined oil product sales were 3.7-4.7 million barrels per day (mmbbl/d) for the Q1 compared with just under 4.8 mmbbl/d in the Q4 of 2020. Shell’s refining margins increased to about $2.6 per barrel (bbl) in the quarter, up from $1.6 in the previous quarter.

Additionally, Shell’s liquefied natural gas (LNG) production is 7.8-8.4 million tons (mmt) in Q1, while in Q4 2020 was 8.2 million. Total upstream production was expected to rise to 2.4-2.48 million barrel of oil equivalent (mmbbloe/d) from 2.37 million in the Q4 of 2020.

It is worth noting that Shell warns from Texas freeze as it is expected to have reduced production by 10,000-20,000 bbl/d, slashing adjusted Q1 earnings.

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