Shell Doesn't Expect Oil Prices To Rebound In The Next Year

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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