October 27, 2011
Spiralling oil prices and strong demand for gas after the Fukushima nuclear disaster helped Shell double its profits between July and September.
Europe’s largest oil company reported profits of $7.2 billion (£4.5 billion), up from $3.5 billion (£2.2 billion), at a time of continued fuel price misery for British motorists.
Shell has benefited from a 48% rise in oil prices – partly caused by unrest in the Middle East and North Africa – as well as a 2% increase in production, excluding asset sales.
Natural gas prices have risen nearly a third after the Fukushima nuclear disaster boosted demand as Japan sought alternative sources of power.
This article was posted: Thursday, October 27, 2011 at 6:10 am