Shell profits boosted by a third

Anglo-Dutch oil giant Royal Dutch Shell put beleaguered rival BP in the shade today with a 34% hike in second-quarter profits to $4.2bn (€3.2bn).

The forecast-beating performance in an “uncertain” economic climate came as Shell unveiled a 5% increase in production and faster than expected progress on its $3.5bn (€2.7bn) cost-saving plans, which will see 7,000 jobs go.

Earlier this week BP revealed a £20.9bn (€25bn) hit from the Gulf of Mexico spill which sent it crashing into the red for the first time in 18 years.

Shell chief executive Peter Voser said the spill was a “tragedy for everyone affected”.