# The Strait of Hormuz, which carries about a fifth of the world’s supplies of oil and gas, has been effectively closed since the conflict in the Gulf broke out.

*business · news · 2026-05-19 · The Sunday Times*

## Key points

- Shell will keep oil production flat at 1.4 million barrels a day until 2030.
- Shell's $16 billion deal to acquire Arc Resources will add 370,000 barrels daily to output.
- Shell expects global liquefied natural gas demand to grow 54–68% by 2040 from last year.
- Only 13% of shareholders supported the Follow This resolution demanding more climate scenario disclosure.
- Shell's adjusted profits in Q1 rose 23% year-on-year to $6.9 billion, doubling the previous quarter.

**Companies:** Shell, BP, Arc Resources
**Countries:** United Kingdom, Canada

[Read the full story on The Sunday Times](https://www.thetimes.com/business/companies-markets/article/shell-wael-sawan-iran-energy-shock-shows-oil-essential-pdj73hqlx)

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