Record prices caused by global shortages amid shutdown of war-damaged refineries in Middle East and Russia

Shell’s refineries are expected to make record profits on each barrel of fuel produced after shortages in the global market caused pump prices around the world to climb to all-time highs.

In a trading update on Wednesday, the energy supermajor forecast profit margins of $42 a barrel in the July to September period, far above the margins of $24 a barrel in the second quarter.