Shell warns oil price downturn could last for years
ROYAL Dutch Shell has posted a sharp fall in second quarter profits amid a period of low oil prices the company said could last for years.
The oil and gas giant made a profit of $3.8 billion (£2.4bn) excluding one offs in the three months to June, down 37 per cent on the $6.1bn achieved in the same period last year.
“Today’s oil price downturn could last for several years, and Shell’s planning assumptions reflect today’s market realities,” the company said.
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