ROYAL Dutch Shell yesterday warned of a long haul to recovery after the oil company reported a 73 per cent slide in profits between July and September.
The Anglo-Dutch company said third-quarter earnings fell to £1.83bn as a result of weaker oil prices and the ailing global economy.
Chief executive Peter Voser said there were indications that energy demand and pricing were picking up, but said the outlook remained uncertain and that his company had ruled out a quick recovery in trading conditions.
As part of a previously announced restructuring programme, Shell added that about 5,000 staff will have left the company by the end of the year. It reduced operating costs by £611m in the first nine months of the year.
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