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Shell signals stronger upstream output while cautioning on refining margins
Shell projects higher oil and gas production but warns that weaker refining margins and downstream pressures could temper earnings momentum in a volatile energy market.
Energy major Shell expects higher oil and gas production in the coming quarters, supported by improved upstream performance and project ramp-ups across key geographies. However, management flagged weakness in its downstream business as refining margins remain under pressure due to softer fuel demand and rising operational costs.