Britain’s three biggest oil companies are set to reveal huge profits totalling almost $15bn (£9.2bn) for the past three months, with market leader Royal Dutch Shell making around $75m (£46m) per day.
High oil prices have boosted the earnings of Royal Dutch Shell, BP and BG Group, with the cost per barrel of crude averaging above $100 for the entire quarter.
By Rowena Mason
9:30PM BST 23 Jul 2011
High oil prices have boosted the earnings of Royal Dutch Shell, BP and BG Group, with the cost per barrel of crude averaging above $100 for the entire quarter. This has kept UK petrol prices near record highs, touching 140p a litre and causing hardship for millions of motorists.
Profits for the oil companies are expected to be their highest since oil prices rose to $147 per barrel in July 2008, just before the world tipped into financial crisis.