SHEL News & Events

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.

U.S. International Development Finance Corporation CEO Ben Black and U.S. Treasury Secretary Scott Bessent announced agreement on a detailed implementation plan approved by President Trump to deploy Maritime Reinsurance, including war risk, in the Gulf region. "In close coordination with CENTCOM, this plan will restore confidence in maritime trade, help stabilize international commerce, and support American and allied businesses operating in the Middle East during the conflict with Iran. This announcement marks a key milestone toward the rapid implementation of President Trump's directive to utilize DFC's innovative financial toolkit to safeguard the continued flow of trade," the DFC stated. Publicly traded oil production companies include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).