Shell profit soars on oil price recovery

Royal Dutch Shell said Thursday that a major recovery in oil prices enabled it to nearly triple profits in 2017.

The Anglo-Dutch energy giant said in a statement that net or bottom-line earnings soared to just under $13 billion last year from $4.6 billion in 2016, with fourth-quarter profits leaping 147 percent to $3.8 billion.

Shell said its performance was boosted particularly by rising oil prices, which tend to ramp up revenues and profits for energy majors.

World oil prices leapt by about 15 percent to finish the year at around $60 per barrel, aided by oil cartel Opec's efforts to limit its collective production.

“Full-year earnings benefited mainly from higher realised oil, gas and liquefied natural gas (LNG) prices, improved refining performance and higher production from new fields, which offset the impact of field declines and divestments," the company said.c