Energy giant Royal Dutch/Shell Group has reported its first year-on-year quarterly profit fall since the price of oil shot up in 1999.
The world’s second largest oil company's third-quarter net profit fell 17 per cent to $2.69 billion, in line with forecasts, as energy prices fell from 10-year highs and refining margins weakened.
The tougher environment had already ended a run of record profit hauls in the second quarter.
The figures from the Anglo-Dutch group were nevertheless better than the 23-per cent earnings decline of world number one Exxon Mobil, and met analysts' expectations of $2.55-3.04 billion.
They were also one of its strongest ever set of results, because oil prices, although off their highs, remained well above their 10-year average, and because efficiency gains over the past three years have worked through to profits.
Brent crude oil averaged over $25 a barrel in the quarter, but Shell admitted the outlook was now "uncertain" as prices languish at just over $20. This is close to their 10-year average of $19.50 as cracks appear in oil cartel OPEC's perceived ability to hold up the price.