By David Cralk: Friday October 28,2011
OIL giant Royal Dutch Shell unveiled a doubling in profits yesterday thanks to higher prices as it vowed to slash European investment because of economic fears.
Chief executive Peter Voser said the group was making good progress as it reported third-quarter profits of $7.2billion (£4.5billion) for the period to the end of September up from £2.1billion last time.
It said oil prices, often soaring above $100 a barrel and new projects particularly in Canada and Qatar, had been the main drivers offsetting a 2 per cent dip in production to 3million barrels a day after a ramp up in asset sales such as its SDHp Norwegian gas pipelines.