SHEL News & Events

Due to the ongoing Qatar LNG shutdown, Shell has declared force majeure on its liquefied natural gas contracts with some of its clients in Asia, Bloomberg's Stephen Stapczynski, Priscila Azevedo Rocha, and Ruth Liao report, citing people familiar with the matter.

The International Energy Agency has proposed the release of the largest amount of oil reserves in its history, The Wall Street Journal's Matthew Dalton and Bojan Pancevski report, citing officials familiar with the matter said. The release is said to top the 182 million barrel release that IAEA member countries conducted in 2022 when Russia attacked Ukraine, the report states. The proposal is said to have been circulated at the IEA member countries' emergency meeting today, and the decision on the proposal is expected on Wednesday, WSJ states.

Pennzoil Quaker State, a subsidiary of Shell USA, has entered an agreement to sell Jiffy Lube and its subsidiary Premium Velocity Auto business to an affiliate of Monomoy Capital Partners for $1.3B. As part of this transaction, Pennzoil Quaker State has entered into a long-term lubricants supply agreement with Monomoy. "The sale includes the Jiff y Lube brand and a network of franchised stores which are owned and operated byi ndependent franchisees, in addition to franchised stores that are owned and operated by PVA. Shell will retain its Pennzoil Quaker State, Rotella and other Shell lubricants brands, along with marketing, manufacturing and distribution of lubricants in the U.S. and Canada that serve consumer, commercial and industrial sectors," Pennzoil said in a statement.