The analyst believes that trading indicators are broadly in line. UBS confirms its neutral recommendation on the share and leaves its target unchanged at 2,700 pence, which represents a downside potential of -2%.

' Our Q1 net profit estimate is unchanged, with a reduction in GI profits offset by increases elsewhere. We are 13% above the Alpha Value consensus' says UBS.

Shell last Friday tightened several of its performance targets for Q1 2024.

The group also said it was targeting a 15%-20% reduction by 2030 in the net carbon intensity of the energy products it sells, compared with 2016, when the previous target was a 20% drop.

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