Shell’s global profits reach $23 billion in 2018

January 31, 2019: The Profit after tax (PAT) of Royal Dutch Company Shell surged by 80 percent to $23.4 billion in 2018, owing to higher oil prices and cost cuts.

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.