Connect with us

Breaking News

Breaking: Shell Profits Increases As Iran War Pushes Oil Prices Higher

Published

on

Profits at oil giant Shell have risen in the first three months of the year following the sharp increase in oil prices since the beginning of the Iran war.

Shell reported profits of $6.92bn (£5.1bn) for the first quarter, which was higher than analysts had expected and up from $5.58bn in the same period a year earlier.

The price of oil has seen a big rise since the start of the US-Israel war with Iran as the key Strait of Hormuz, which usually carries about 20% of the global supplies of oil and liquid natural gas, has been effectively closed.

Last week, rival energy giant BP said its profits for the first three months of the year had more than doubled.

“Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets,” said Shell chief executive Wael Sawan.

“The safety of our people remains our priority as we work closely with governments and customers to address their energy needs.”

Like BP, one of the factors behind Shell’s profits rise was better results from its oil trading business.

Before the conflict began, the price of Brent crude, the global benchmark for oil prices, was around $73 a barrel.

Since then, oil has seen sharp swings – peaking above $120 at one point, but also falling below $100 on other occasions as speculation has swirled over when the Strait of Hormuz will reopen. Brent currently stands at about $101 a barrel.

The big movements in the oil price that have been seen since the Iran war began can widen the gap between buying and selling prices. This typically enables traders to make bigger profits.

However, Shell said its oil and gas output had fallen by 4% compared with the final three months of last year due to the conflict, which has led to its Qatari Pearl gas plant being damaged.

Last week, Shell announced it was buying Canadian shale producer ARC Resources for $16.4bn, which Sawan said would “deliver value for decades to come”.

The surge in profits being reported by energy firms has led to criticism from environmental groups.

Danny Gross, climate campaigner at Friends of the Earth, said: “Once again, fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.

“The answer is clear: strengthen the windfall tax on these indefensible profits and break our dependence on fossil fuels by powering our economy with homegrown renewables.”

Energy firms operating in the UK are subject to a windfall tax, called the Energy Profits Levy, that was introduced in 2022 as a response to soaring profits following Russia’s full-scale invasion of Ukraine. Labour extended the life of the tax to March 2030.

Read The Full Story / Watch The Full Video

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking News

NDLEA: Smuggling Narcotic Drugs Through Lagos Airport Extremely Difficult

Published

on

National Drug Law Enforcement Agency, NDLEA, Chairman, Buba Marwa, has stated that smuggling illicit substances through Murtala Muhammed International Airport has become extremely challenging due to heightened security and anti-narcotics operations.

Marwa described the Lagos airport as one of the most tightly monitored airports globally in the fight against drug trafficking.

He made the remarks on Tuesday at the NDLEA headquarters in Abuja while hosting a delegation from Narcotics Control Commission led by its Director-General, Maxwell Obuba Mantey, during a study visit focused on the agency’s operational strategies.

According to Marwa, stronger collaboration between Nigeria and Ghana is essential in addressing the rising threat posed by drug trafficking and related criminal activities across the West African region.

“We recognize that by coming together to share expertise in intelligence-led operations and interdiction strategies, we are effectively narrowing the space for criminal cartels to operate within our sub-region,” he said.

He noted that the visit goes beyond a routine study tour, describing it as part of efforts to deepen strategic cooperation between both anti-drug agencies.

Marwa said the engagement would enable both sides to exchange ideas on intelligence gathering, digital forensics and institutional best practices.

He added that enhanced collaboration would boost efforts to dismantle illicit drug networks, curb the production of psychotropic substances and tackle money laundering linked to narcotics trafficking.

During the visit, NDLEA and NACOC signed a Memorandum of Understanding, MoU, aimed at formalising cooperation between the two agencies.

Marwa described the agreement as a significant step toward strengthening coordinated actions against drug syndicates operating within the region.

“This agreement on combating the illicit production of psychotropic substances, their precursors, and related money laundering activities provides us with a legal and operational roadmap. It moves our relationship from informal consultation to a structured, aggressive, and unified front against drug barons,” he said.

In his remarks, Mantey stated that the visit was intended to reinforce the existing relationship between both countries and improve operational collaboration.

“For us therefore, this visit is not about beginning a new chapter, but about strengthening an already solid foundation, deepening trust, exchanging experiences, and making our collaboration even more practical and impactful,” he said.

He further observed that drug trafficking operations across the region are becoming increasingly sophisticated, making stronger cross-border partnerships necessary to effectively combat emerging threats.

Read The Full Story / Watch The Full Video

Continue Reading

Breaking News

Troops of JTF Arrest 6 Suspected Terrorist Logistics Suppliers in Borno

Published

on

Troops of the Joint Task Force North-East, Operation Hadin Kai, have arrested six suspected terrorist logistics suppliers during a road maintenance operation in Borno State.

The development was disclosed by security analyst and counter-insurgency expert in the Lake Chad region, Zagazola Makama, in a post on his X handle.

Military sources said the suspects were apprehended at about 12:30 p.m. on Tuesday by troops of the 5 Brigade under Operation Desert Sanity.

The suspects were identified as Madu Bagoni Bunu, 32; Kaka Hana, 28; Kwado Bukar, 25; Modu Goni Musa, 28; Lahari Hassan Taira, 30; and Bulama M. Kiari, 25.

According to the sources, the suspects were travelling in an Isuzu pickup vehicle with registration number YOBE AF 106 GDM when they attempted to flee upon sighting troops.

“The suspects abandoned the vehicle and tried to escape, but were pursued and apprehended by the troops,” the sources said.

Items recovered from them included five mobile phones, comprising Redmi, Infinix, Tecno and Itel devices. as well as two new sewing machines.

Others were 10 bundles of assorted clothing materials suspected to be intended for the production of terrorist uniforms, five 25-litre containers of groundnut oil, and two sacks of different varieties of green tea.

Security personnel also recovered seven large wraps of kola nuts, an empty jerrycan, two ATM cards linked to OPay and Moniepoint accounts, the Isuzu pickup vehicle, and N5,077,700 in cash.

Military authorities said the suspects are currently in the custody of the 5 Brigade, where they are undergoing preliminary investigation.

The operation is part of ongoing efforts to disrupt terrorist logistics networks and cut off supplies to insurgent groups operating in the North-East.

The military added that the general security situation in the theatre remains calm but unpredictable, while troops’ morale and operational efficiency remain satisfactory.

Read The Full Story / Watch The Full Video

Continue Reading

Trending