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BP, Shell to report big drop in profits

Following their American counterparts, Royal Dutch/Shell and BP Plc are this week expected to rep...

Analysts said low oil prices and the worst slump in the oil-refining business in a decade were the main factors behind the poor profit results. Profits collapsed as the fifth-warmest US winter on record lowered demand for heating oil, while air travel and jet fuel demand has slowed in the aftermath of the September 11 attacks.

Last week ExxonMobil reported a 58% decline in profit to $US2.09 billion.

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