Oil Company Profits Soar; OPEC President Warns of $200 Oil

Oil companies BP and Royal Dutch Shell, Europe’s two biggest oil producers, posted combined first-quarter profits of almost $17 billion, while a key OPEC official said oil could reach $200 a barrel, news services reported Tuesday.

BP’s net income rose 63% to $7.6 billion and Shell’s gained 25% to a record $9.1 billion, the Associated Press reported.

Last week, ConocoPhillips, the third biggest U.S. producer, reported a 16% increase in its quarterly profit, to $4.14 billion. All three of the reported companies far outpaced industry expectations, AP said

Meanwhile, OPEC’s president warned oil prices could hit $200 a barrel, Britain’s Financial Times newspaper reported.
 
The comments by Chakib Khelil, Algeria’s energy minister, came as oil prices hit a record $119.93 in pre-market trading Monday, the newspaper reported.