{
  "id": 12575477,
  "title": "Shell sees refining margins hitting record high in third quarter",
  "url": "https://urgent.news/2026/10/07/shell-sees-refining-margins-hitting-record-high-in-third-quarter-12575477",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T07:26:06.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/10/07/shell-sees-refining-margins-hitting-record-high-in-third-quarter"
  },
  "original_language": "en",
  "account": "Brent LCOc1 crude prices surged after the United States and Israel launched attacks on Iran, leading to a blockade of the Strait of Hormuz. As a result, global benchmark crude prices reached record levels, causing major oil companies like Shell to anticipate a significant increase in refining margins for the third quarter. Shell expects its refining margins to hit an unprecedented US$42 per barrel, more than double the previous quarter's US$24 per barrel. The oil major attributes this surge to the heightened energy prices stemming from the conflict, which are expected to generate a multibillion-dollar profit windfall for companies involved in energy trading. Shell has also raised its outlook for integrated gas production, projecting between 740,000 and 780,000 barrels of oil equivalent per day, up from a previous estimate of 570,000 to 630,000 boed. Similarly, liquefied natural gas production is anticipated to range from 7.2 million to 7.6 million metric tons, up from a range of 7.1 million to 7.7 million tons. The company's third-quarter outlook incorporates the effects of its recent US$16.4 billion acquisition of Canadian energy company ARC Resources, completed on September 2. Additionally, Shell has adjusted its upstream production forecast to between 1.74 million and 1.84 million barrels of oil equivalent per day, reflecting a decrease from the earlier range of 1.68 million to 1.88 million boed. The revised forecast takes into account the impact of low Rhine water levels on the efficiency of Shell's Rheinland refinery.",
  "summary": "Major oil companies are expected to reap a multibillion-dollar windfall from the Middle East conflict as higher energy prices boost revenues.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "Shell sees refining margins hitting record high in third quarter",
        "url": "https://urgent.news/2026/10/07/shell-sees-refining-margins-hitting-record-high-in-third-quarter",
        "published": "2026-10-07T07:26:06.000Z"
      },
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Shell sees refining margins hitting record high in third quarter",
        "url": "https://urgent.news/2026/10/07/shell-sees-refining-margins-hitting-record-high-in-third-quarter-12578396",
        "published": "2026-10-07T07:29:24.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}