Shell and BP bounce back into profit even as oil’s glory days fade
Covid dealt fossil fuel giants a heavy blow, but demand is lifting revenues again in a last hurrah before decarbonisation
The tentative reopening of the world’s economies has helped push international crude prices above $65 a barrel. They plunged to 21-year lows of less than $20 a barrel last year as major economies came to a standstill, triggering the sharpest slump in oil demand in the industry’s history.
Shell told investors earlier this month that it expects to make its first profit from pumping oil since the start of the pandemic when it reports first-quarter results on 29 April. This represents a dramatic turn from the company’s almost $20bn (£14.7bn) loss for last year after the impact of Covid-19 stripped about $22bn from the value of its oil and gas assets.
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