Shell has reported a 35% decline in its first-quarter profits, attributing the drop to persistently weak oil prices. The energy giant’s earnings have been significantly impacted by a global market that continues to grapple with oversupply and fluctuating demand.

In its quarterly financial report, Shell highlighted that the average price of crude oil fell during the period, which directly affected revenue. Despite the downturn, the company remains focused on managing costs and investing in renewable energy projects as part of its long-term strategy.

The decline in profits reflects broader trends in the oil and gas industry, where many companies are facing similar challenges. Analysts predict that unless oil prices stabilize, companies like Shell may continue to experience financial strain.

Shell’s management emphasized their commitment to maintaining operational efficiency while navigating the current market conditions. As the company adapts to the evolving energy landscape, stakeholders will be watching closely for signs of recovery in the coming quarters.