oil market

    • Shell sees a fall in Q1 fuel sales

      Shell sees a fall in Q1 fuel sales

      Royal Dutch Shell announced it expected a significant drop in fuel sales in the first quarter of 2021, Reuters reported. The world’s biggest fuel retailer expects a very slow recovery of the markets undermined by Covid-19 lockdowns in major industrial countries. In a trading update, Shell said it saw refined oil product sales at 3.7-4.7 million barrels per day (bpd) for the first quarter of 2021, compared with just under 4.8 million bpd in the last quarter of 2020. It had previously forecast sales of 4-5 million bpd.

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    • Exxon Mobil eyes first profit in five quarters

      Exxon Mobil eyes first profit in five quarters

      The biggest US oil producer Exxon Mobil said it was on the verge to return to profit driven by the latest price rally and signs of restoring market demand, Reuters reported. Exxon’s positive outlook will bring the company to profits for the first time in five quarters. Higher oil and gas prices will provide a rise evaluated at some $2.7 billion. Exxon last year posted consecutive quarterly losses as falling oil prices and refining margins triggered write downs.

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