Some of the big oil companies have seen their third quarter profits soar as oil prices shot up over the last year.
Statoil’s third quarter income was NOK 39.3 billion (£4.52bn), a 39% increase compared to NOK 28.2 billion in the third quarter of 2010- an increase the Norwegian oil giants attribute to their Aldous discovery on the Norwegian Continental Shelf.
Shell announced a profit increase of over 106%, at $7.2 billion (£4.48bn) compared with $3.5 billion the same quarter a year ago. Higher oil prices have increased those of gas and Shell produces almost as much gas as it does oil.
The price of a barrel of oil has risen from around $25 a decade ago to around $100 today.