Royal Dutch Shell (RDS) says the price of crude oil is unlikely to rebound in the next 12 to 18 months, Bloomberg reports.
Shell notched $3.49 billion in profit for the first quarter, down $9.08 billion from a year ago, with all the divisions of the company experiencing declines in profit or losses for the quarter. Hardest hit was the oil sands division which lost $42 million.
The low price of oil and gas are creating a “challenging business environment,” said CEO Jeroen van der Veer. That doesn’t look like it’s going to change any time soon.
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