Royal Dutch Shell to complete share buyback programme 'at pace'

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Oil major Royal Dutch Shell the remaining $5.5 billion of proceeds from its $7 billion share buyback programme would be completed 'at pace,' even as oil demand was pressured by the Omicron virus and foreign exchange impacts in Turkey.

The company also provided a trading update, forecasting marketing results to be in line with the fourth quarter 2020 but lower compared with the third quarter 2021 due to 'seasonal trends', the Omicron virus and foreign exchange impacts in Turkey.

Gas production was expected to be between 910,000 and 950,000 barrels of oil equivalent per day, while upstream production was expected to be between 2.15 million and 2.25 million barrels of oil equivalent per day.