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Shell reports 70% dip in profits

(UKPA) – 16 minutes ago

Royal Dutch Shell has announced a 70% slide in profits to 2.3 billion US dollars (£1.4 billion) in the period between April and June.

The Anglo-Dutch firm achieved profits of £22 billion last year, but, in line with BP on Tuesday, it said the weaker global economy had impacted its performance in the second quarter.

New chief executive Peter Voser said: “Energy demand is weak.”

“There is excess capacity in the market, and industry costs remain high.”

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