Oil giants report big profit losses

Profits were slashed at three major oil comanies as the industry raised doubts about the strength of the economic recovery.

Exxon, the world’s largest oil company, reported that third quarter net profits were 68 percent down on the same period last year due to a collapse in prices and refining margins.

Europe’s largest oil company, Royal Dutch Shell, also saw its net profit slashed by 73 percent to just over two billion euros.

And Italy’s Eni unveiled a 58 percent fall in net profit.

Shell added that it is to cut 5,000 jobs this year as it tries to cut costs that have soared across the industry.

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tags: Energy, Oil, Profits