Forecast adjusted

Oil group Shell expects weaker fourth quarter for fuel sales

Shell stelde zijn verwachting voor het vierde kwartaal van dit jaar naar beneden bij.
Shell stelde zijn verwachting voor het vierde kwartaal van dit jaar naar beneden bij. Shutterstock / JHVEPhoto

Oil company Shell is warning of a deterioration in its fourth-quarter results this year, partly due to lower sales from its retail business. The company reported this in a Q4-2025 update.

In particular, fuel sales are under pressure, according to a preliminary trading update published by the group on Thursday before trading hours. Investors reacted cautiously: Shell shares fell about 1.7 per cent on the Damrak on Thursday. Shell will publish its final quarterly results for Q4 2025 on 5 February 2026. For the third quarter, the company actually posted better-than-expected figures.

Within the Marketing division – where it sells fuels and lubricants – Shell expects lower volumes. Fuel sales are expected to come in at 2.65 to 2.75 million barrels per day, down from 2.82 million barrels per day in the third quarter. Shell said this reflects seasonally lower demand as well as less favourable market conditions.

Lower trading results

In addition, the group warns that profitability of the retail business will be below last year’s level. This is partly caused by a non-cash related tax adjustment in a joint venture, which depresses the Marketing division’s result.

Operational costs do remain within the range previously issued.

Where volumes in gas, a key focus of Shell, are concerned, the company expects volumes to stabilise around 7.5-7.9 million tonnes (previous outlook: 7.4-8.0 MT).

The update is part of a broader picture in which Shell also speaks of “significantly lower” trading results in oil, while the chemicals business remains loss-making. At the same time, Shell increased oil and gas production, underscoring its reliance on fossil operations.

Like competitors, Shell is winding down its position in renewable energy. For instance, it is looking for a buyer for Sprng Energy, according to the Telegraph; this Indian company was bought for $1.5 billion as recently as 2022. The company also already pulled out of two wind farms in the North Sea and scaled back its wind power operations in the US.

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This article was automatically translated from the Dutch language original to English (British).

Author: Luberto van Buiten

Source: MobilityEnergy.com

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