Commodity prices are likely to remain high into 2023 with tight global natural gas and oil supply, strong demand and short refining capacity, Shell plc CEO Ben van Buerden said Thursday.

Strong natural gas and power trading, along with higher refining margins, lifted the London-based major to its second consecutive record quarter in 2Q2022. Van Buerden discussed the results and outlook during a conference call.

“It was a turbulent quarter for the world and global economy,” van Burden told analysts. “The war in Ukraine continued, destroying lives and disrupting supplies of food and energy, and aggravating the lives of so many more through high energy prices and the cost-of-living crisis. 

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