Brent crude oil futures reached their lowest level in decades in April, falling below $20 a barrel. They have made a comeback and the transaction price has exceeded $41 per barrel, but it is still much lower than the price at the beginning of this year.
Shell said on Tuesday that due to changes in market conditions, it expects the second quarter to be between US$15 billion and US$22 billion. The company plans to report the financial results for the quarter on July 30.
This year, demand for oil and natural gas has fallen sharply, prompting many of the industry’s largest companies to accelerate their transition to clean fuels. Shell is committed to achieving net zero carbon emissions from its own operations by 2050.
With the economic recovery of various countries, the demand for crude oil began to pick up. However, the potential resurrection of this virus poses a major risk to any forecast, and even if the oversupply has eased, it will help control prices.