Shell profits from higher oil prices

28th July 2011, Comments 0 comments

Shell's profits soared in the second quarter as a result of higher oil prices. The price of a barrel of Brent rose from around 78 US dollars to 117, offsetting reduced production levels.

On the basis of estimated current stockpile costs excluding one-off items, Shells' profit was 6.5 billion dollars. Last year's figure was 4.2 billion. Turnover increased by nearly 42 percent to 121.3 billion dollars.

Production figures for the Anglo-Dutch oil company fell by two percent to 3.046 million barrels a day. This was caused by the sale of some oilfields and less demand for gas as a result of a warm spring.

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