World

Exxon said its quarterly crude production was down 3% from a year earlier, and that weak oil demand remained.
“Global economic conditions continue to impact the energy industry both in the volatility of commodity prices and reduced demand for products,” said Exxon chairman and chief executive Rex Tillerson.
World oil prices fell back from record highs last summer as the global economic bubble burst, and the recession took hold, sparked by the crisis in the credit markets.
Crude prices fell as low as $30 a barrel at the start of the year, but have since recovered to around the $63 level.
Shell’s profits are reported under the current cost of supply basis. Excluding one-off items, including reduced staff healthcare costs in the US, its latest quarterly profits totalled $3.2bn, ahead of market expectations.