Shell’s rapid growth to slow as weaker gas trading hits profits

Europe's largest oil and gas firm says margins in refining business have nearly halved, hitting third-quarter profits

Shell has signalled the breakneck growth that racked up record profits for the oil company earlier this year will slow as weaker gas trading and lower refining margins hit recent profits.

The oil giant was criticised for making huge profits during the cost of living crisis as Russia's invasion of Ukraine pushed up prices of oil and gas. But Europe's largest oil and gas firm said on Thursday that margins in its refining business had nearly halved, hitting its third-quarter profits which are due to be announced later this month.