Comment on Shell results

Commenting on first quarter results released by Royal Dutch Shell todayDr Jonathan Marshall, Head of Analysis at the Energy and Climate Intelligence Unit (ECIU) said:

“Uncertainties over future commodity prices, levels of fossil fuel demand, and market forces that have turned in favour of lower carbon alternatives are all bad news for the oil sector. Shell has been a stalwart of millions of pension portfolios for years, but now as times change, we will likely see this sentiment move too.

“Glimpses of life after coronavirus do not look good for big oil; airline rescue packages with emissions limits unattainable without moving away from fossil fuels, forecasts of falling car use and the relentless rise of renewables are among many factors that are likely to accelerate the move towards more climate-friendly sources of energy.”