Shell reveals steep fall in quarterly profit margins in oil refining business
Shell has revealed a steep fall in quarterly profit margins in its oil refining business amid a slowdown in demand globally. The energy major said its indicative refining margins fell to 5.5 dollars (£4.19) a barrel in the quarter to September 30, down from 7.7 dollars (£5.87) a barrel in the second quarter.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post and
00:06here are your headlines for this morning. Shell has revealed a steep fall in quarterly
00:11profit margins in its oil refining business amid a slowdown in demand globally. Shell
00:17said its indicative refining margins fell to $5.5 a barrel in the quarter to September
00:2430th, down from $7.7 a barrel in the second quarter. Businesses such as Shell's have
00:31suffered a downturn in global demand across both consumer and industrial sectors. The
00:38growing prevalence of electric cars combined with economic slowdowns in major economies,
00:42including China, have contributed to the fall. So an update this morning from Shell, which
00:48has posted a steep fall in quarterly profit margins. My name's Greg Wright. I'm the Deputy
00:54Business Editor of the Yorkshire Post.