The declining world economy impacted heavily on earnings at oil giant Shell in the final quarter of 2008.

The company booked a net loss of $2.8bn in the fourth quarter, due largely to a decline in the price of oil and oil stock write-downs. This is Shell’s first quarterly loss in 10 years. A year earlier, net profit reached over $8bn.
Fourth-quarter sales were down 24% at $81bn. Production was down less than 1% but the selling price dropped 29%, Shell said.
Over 2008 as a whole, net profit fell 16% to $26bn.
The results are ‘satisfactory… given the pressure on demand for oil and gas due to a weaker global economy,’ CEO Jeroen van der Veer said. ‘Industry conditions remain challenging, and we are continuing the focus on capital and cost discipline in Shell.’
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