Shell cut its first‑quarter gas output forecast, citing disruptions from the Middle East war. The company now expects integrated gas production of between 880,000 and 920,000 barrels of oil equivalent per day, down from the earlier 920,000‑980,000 range. The revision also nudges Shell’s 2024 outlook, forcing analysts to rethink earnings.

Qatar’s Pearl gas‑to‑liquids complex, one of Shell’s crown‑jewel assets, has been caught in the cross‑fire, limiting feedstock deliveries. Analysts warn the shortfall could pressure European gas markets, where Shell holds a sizeable share, and tighten pricing as inventories shrink. The slowdown also raises concerns over downstream contracts linked to Pearl.

Investors will watch cash flow impacts as lower production trims quarterly earnings. With Shell’s integrated gas segment contributing roughly a third of its total revenue, the cut could shave several hundred million dollars from the top line. The company’s next guidance update will reveal whether the disruption is temporary or signals a longer‑term supply squeeze.