Shell to post lower 2024 profit after year of faltering oil demand Shell is expected to post lower annual profit than the previous year next week, after the energy giant was hit by weak oil prices and faltering demand for the fossil fuel.
And 2025 could bring more weakness in oil prices, analysts said, with the US, Canada and Brazil set to increase their production and continued weakness in demand from the key Chinese market.
Derren Nathan, head of equity analysis at Hargreaves Lansdown, said: “Shell’s recent trading statement revealed that while most business units have been trading broadly in line with previous guidance, the production and liquefaction ranges for integrated gas has been lowered.
The oil supermajors, including US giants ExxonMobil and Chevron, have all suffered falling margins in their oil refining businesses this year as a result.
It comes after a year in which oil prices have steadied, and demand has fallen – partly as a result of the growing popularity of electric vehicles.
