Shell profits up on higher oil prices

Shell (Royal Dutch Shell) came in with slightly higher profits than expected today at US6.3 billion versus US$ 4.8 billion in the same period in 2010, a 22% increase. The near record price of crude oil has contributed to this success but Shell has earmarked US 100 billion to raise production tp 3.7 billion barrels by 2014 with projects underway in Canada, Mexico, Brazil, the Gulf of Mexico and Nigeria to achieve this.

Cost cutting savings of around US 1 billion have also helped the bottom line.