British supermajor Shell has updated its anticipated operating performance for the second quarter of this year, narrowing the low and high ranges for almost all items as forecasts for global energy demand growth contracted slightly. The Integrated Gas division of the company has continued its strong performance into the second quarter despite the start of the northern hemisphere spring bringing a decline in gas demand for power generation and heating.
According to the International Energy Agency, natural gas demand growth continues to be strong in fast-growing Asian markets. Industry emerges as the primary driver of this growth, followed by the residential and commercial sectors. In its latest Gas Market Report, the IEA lowered its forecast for global gas demand growth, which is forecast to increase by 2.3% this year, revised down from 2.5% growth following a mild first quarter. In its Q2 update on Friday, Shell said its natural gas production might be in the range of 940,000 and 980,000 barrels of oil equivalent per day in the three months ended 30 June, up from expected expected 920,000 boepd.
There, the lower end of output has been improved by 90,000 boepd to 1.72 million boepd, with the upper end of the range lowered just marginally to 1.82 million boepd.
According to the IEA Oil Market Report for June, world oil demand growth continues to slow, with 2024 gains now seen at 960,000 barrels of oil per day, 100,000 bpd below the forecast released in May. Almost no change has been seen in the marketing side of the Shell’s business where sales volumes are forecast to remain between 2.7 million and 3.1 million boepd. The company said that it is planning to publish its final Q2 2024 results on 1 August.
Source: upstreamonline.com