As before the war in Ukraine: Shell CEO declared that the energy crisis in Europe is over.

Shell CEO Wael Sawan stated that the energy crisis in Europe has finally ended. According to him, energy prices and market fluctuations have returned to the levels that were before the conflict with Russia in Ukraine in February 2022.

"We see that across the entire energy complex this quarter, perhaps more than in any of the recent ones, we are returning to normalized price and margin levels that existed before 2022," Sawan said in an interview with the Financial Times.

He added that gas, oil, and electricity prices have decreased and stabilized.

Despite the optimistic news, Sawan emphasized that the company is preparing for an unstable period during the energy transition. Shell reported higher-than-expected profits in the second quarter - $6.3 billion, which is $1.2 billion more than a year ago. Additionally, the company reported a reduction in costs by $1.7 billion and a decrease in net debt by more than $2 billion.

Sawan stressed that Shell aims to maintain a target return of 30-40% of operational cash flow to shareholders even with high oil prices, but also if they fall to the level of $50 per barrel. At $40 per barrel, the company will continue to pay dividends.