Shell has announced huge third quarter profits.

Royal Dutch Shell has announced third quarter profits of US$10.9 billion (around £6.6bn) – up 71% from $6.4bn the previous year.

Basic current cost of supplies (CCS) earnings increased by 74% compared to the same quarter last year.

Jeroen van der Veer, Shell’s Chief Executive, commented that the company’s earnings were “satisfactory” and said its strategy was on track: “We are watching the world economic situation closely. Shell is robust across a wide range of energy prices. Our strategy remains to pay competitive and progressive dividends, and to make significant investments in the company for future profitability.”

This news follows the announcement earlier this week of rival BP’s profits, which revealed a profit increase of 148%, up from over $4 million last year to more than $10m.

Oil prices during the quarter were at some of their highest of around $147 a barrel. Now that prices have seen a reduction, UK Chancellor Alistair Darling commented on GMTV: “I want the oil companies to pass on these reductions to the pumps as soon as possible, because people are entitled to see the benefits.”