Oil and fuel large Shell has posted robust income helped by oil costs rising once more.

The power large reported earnings of $6.2bn (£5.1bn) between July and September, up sharply on the earlier quarter.

Income had been down from $9.4bn in the identical interval final yr, nevertheless, when Russia’s invasion of Ukraine prompted a spike in oil and fuel costs.

Oil costs are presently decrease than that interval, however have risen just lately.

That’s largely on account of members of the Opec+ group of oil-producing nations chopping output to assist the market.

Earlier this week, the World Financial institution warned that the battle within the Center East might push the worth of crude oil as much as $150 a barrel – in comparison with $85 at the moment.

Shell mentioned its earnings up to now three months had been up 23% on the earlier quarter.

It mentioned it had benefitted from greater oil costs and pumping extra oil and fuel, together with making more cash from refining and fuel buying and selling.

Oil costs surged in 2022 earlier than falling again earlier this yr, resulting in decrease income at power corporations.

Nonetheless, the price of crude oil has moved upwards once more for the reason that manufacturing cuts in the summertime.

Members of Opec+, led by Saudi Arabia and Russia, introduced the cuts in on account of issues about weakening international demand.

Moscow additionally blamed Western “interference with market dynamics”, referring to the cap on Russian oil introduced in following its invasion of Ukraine.

It has already prompted petrol costs to rise, hitting drivers on the pumps.

Following its outcomes, Shell introduced a plan to return $3.5bn to shareholders by way of a share buyback programme. In whole the agency will return $23bn to shareholders this yr.

Jonathan Noronha-Gant, of the local weather marketing campaign group World Witness, criticised the payouts.

“Shell’s shareholders stay a few of the greatest winners of Russia’s brutal battle in Ukraine and ongoing international instability,” he mentioned.

“The turmoil in fossil gasoline markets permits Shell to rake in huge income – however as a substitute of investing in clear power, the corporate has doubled down on oil, fuel, and shareholder pay-outs.”

Greenpeace campaigner Charlie Kronick mentioned: “Individuals are sick of watching oil bosses feign concern concerning the planet whereas slashing jobs and funding in renewables and ploughing cash into dividends, share buybacks, and new fossil gasoline tasks.”

Shell boss Wael Sawan, who took up his submit in January, modified Shell’s technique to put extra deal with oil and fuel and introduced plans to chop a minimum of 15% of the workforce at its low-carbon options division.