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Shell profit soars to $23 bn in 2018

Royal Dutch Shell on Thursday said that net profit surged 80 percent to $23.4 billion in 2018, thanks to higher oil prices and cost cuts.

Shell engineer

Profit after tax had come in at almost $13 billion in 2017, Shell said in a statement.

“We delivered on our promises for the year, including the completion of the $30 billion divestment programme and starting up key growth projects while maintaining discipline on capital investment,” Shell chief executive Ben van Beurden said.

Oil prices jumped last year on tight supply concerns but have since fallen back sharply, in line with volatility seen across financial markets.

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