Shell refineries forecast to make double the profit from every barrel of fuel
Summary
Shell’s refineries are expected to make nearly twice as much profit per barrel of fuel in the third quarter of 2026 compared to earlier in the year. This increase is due to high fuel prices, caused by shortages from damaged refineries in the Middle East and Russia.Key Facts
- Shell forecasts profit margins of $42 per barrel from July to September 2026, up from $24 per barrel in the second quarter.
- The high profits come from increased prices of refined fuels like diesel, while crude oil costs are lower.
- Shell reported nearly $10 billion in profit for the second quarter of 2026, more than double the profit from the same period last year.
- The share price of Shell reached a record high of £36.23 despite lower oil prices, helped by high European gas and diesel prices.
- Diesel prices exceeded $100 per barrel above the cost of crude oil, creating record refining profits.
- Shell, along with TotalEnergies, runs some of Europe’s largest refineries, now benefiting from the energy crisis.
- European gas prices more than doubled in 2026, reaching €70.50 per megawatt-hour in August.
- Shell expects gas production to increase to 740,000–780,000 barrels of oil equivalent per day in the third quarter, recovering from a drop caused by damage to a gas facility in the Gulf.
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