Shell's oil trading earnings double in 2020 to $2.6 billion

  • 📰 Reuters
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Royal Dutch Shell's 2020 earnings from trading crude oil and refined products doubled from the previous year to $2.6 billion, helping to offset a sharp drop in fuel demand due to the coronavirus pandemic.

LONDON - Royal Dutch Shell’s 2020 earnings from trading crude oil and refined products doubled from the previous year to $2.6 billion, helping to offset a sharp drop in fuel demand due to the coronavirus pandemic.Shell’s oil trading operations, known internally as Trading & Supply, accounted for 43% of the Oil Products division’s total earnings of $5.995 billion in 2020. Trading earnings totalled $1.3 billion in 2019, Shell’s annual report, which was released on Thursday, said.

The unusually high contribution from trading helped Shell to weather one of the toughest years in the industry’s history, when energy consumption collapsed during the pandemic.Shell, the world’s largest energy trader, experienced a 28% drop in oil sales last year to 4.71 million barrels per day on average, the annual report said.Shell’s oil trading figures do not include natural gas, liquefied natural gas, power and renewables. Shell is the world’s largest liquefied natural gas trader.

Rival BP’s trading arm made nearly $4 billion in 2020 on oil and gas trading, a copy of an internal BP presentation seen by Reuters showed, almost equalling the company’s 2019 record trading profit. Companies can make large profits even during times of lower demand for commodities by storing products such as oil on shore or at sea. Shell’s vast refining, trading and retail operations also allow it to take advantage of short-lived changes in supply and demand around the world.

The strong trading results for BP and Shell show that there is real value creation which will transfer over into renewable power as the companies shift away from oil and gas, Bernstein analyst Oswald Clint said in a note.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Couple of months ago I came across a recommendation about JacksonWilliam0 wealth how he helped investors to earn lot of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation

Withdrawals today !!! I really appreciate all you've done for me, you are the best and I promise to spread your good work Thank you JacksonWilliam0

A graça que salva são os mantimentos do 3º ano de Deus que enche as casas até faltar lugar para guardar para servir a Jesus porque Jesus está em nós e Jesus diz serviram meus pequeninos irmãos na fome sede frio e doentes a mim me serviram venham para a vida eterna Mat25:34,35,36

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines