Oil firm Royal Dutch Shell’s profits have plunged to their lowest since 2016, due to lower oil and gas prices.

Shell’s second quarter profits dropped 25% to $3.6bn (£3bn), far below analysts’ expectations of $4.9bn.

The oil giant blamed “challenging macroeconomic conditions” in refining and chemicals, as well as falling oil prices.

In June, the price of oil slipped to its lowest level in five months due to a dim outlook for global demand.

BP, its smaller UK rival, reported quarterly profits that beat expectations earlier in the week, holding steady at about $2.8bn, while France’s Total and Norway’s Equinor said profits fell.

Brent crude oil futures price

Shell’s shares dropped 3.9% in early London trading.

The company held its dividend for the three-month period

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