Squeezed margins in the refining industry are hurting the largest oil companies, with Royal Dutch Shell, Total and ExxonMobil blaming poor quarterly earnings on a decline in downstream businesses.
Shell ’s profit dropped almost a third to $4.5bn. ExxonMobil’s profit fell 18 per cent to $7.9bn, while Total’s declined almost a fifth to €2.7bn.
All the big companies have been hit by refinery overcapacity and weak demand for petrol and diesel in western economies, which has hit earnings in downstream – refining and marketing – divisions.
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