Shell's profits soar in Q3

Shell has reported soaring profits in quarter three as a result of higher prices and increased demand.

Europe's largest oil company by market value revealed that its net profits increased to $7.2 billion (£4.5 billion) in the third quarter of this year, exactly double what it made during the same period in 2010.

Excluding one-off items, earnings for the quarter were still in the region of $7 billion.

It claimed that the boost was caused by a surge in oil prices as well as strong demand for oil and gas in emerging markets.

"We continue to make good progress with our strategy; improving our competitive performance, delivering a new wave of production growth, and maturing the next generation of growth options for shareholders," said Royal Dutch Shell chief executive officer Peter Voser.

BP has also seen a boost in profits this quarter, with reported takings reaching $5.14 billion, almost triple the $1.85 billion replacement cost profit it made in the same period a year ago during the midst of the Gulf of Mexico oil spill.