Anglo-Dutch oil giant Royal Dutch/Shell Group has reported a 96 per cent rise in first-quarter income reflecting a surge in crude oil prices.
Net income, adjusted to reflect the current cost of supply almost doubled to $3.914 billion (€3.4831 billion) for the three months to March 31st, slightly above stock market forecasts.
The company posted first quarter net income of $5.331 billion, up from $2.262 billion for the same three months a year earlier.
Brent crude oil prices averaged $31.50 a barrel in the first quarter compared with $21.15 a barrel in 2002.
On Tuesday, BP issued first-quarter results at the top end of forecasts as average crude oil prices reached a 12-year high in the quarter. Oil prices rose sharply on the back of supply concerns linked to war in Iraq, strikes in Venezuala and civil unrest in Nigeria.
Royal Dutch/Shell gave an uncertain view of margins for the rest of 2003, saying they will depend on the pace of global economic recovery and OPEC output policy in response to the return of Iraqi exports to the oil markets.
It also said the high refining margins in the first quarter were not seen as sustainable.