collected by :Jack Alex
Alongside the profit boom, Shell is expected to announce the $3bn sale of its North Sea oil and gas assets to a private-equity-backed explorer.
Royal Dutch Shell is poised to lead a comeback this week as it reveals annual profits have more than doubled on the back of the recovering oil price.
The company insists the takeover will prove transformative as oil and gas prices continue to climb.
Other oil majors – BP, Exxon Mobil and Total – are expected to follow suit in the coming weeks, unveiling annual profits marking an inflection point for the industry after a brutal two-year downturn.
The Anglo-Dutch oil giant is expected to post bumper profits of $8.17bn (£6.91bn), a huge jump on the $3.8bn it reported at the depths of the market downturn.
US shale surge stalls weekly oil price gains
The steady rise of US shale production has stalled a strong week of oil price gains, as market fears grow that the extra oil flows could scupper Opec plans to drain the oversupplied market knocked a dollar from the price.
By midday the oil price had retreated to $55.60 after new data showing the extent of the US shale industry recovery reignited market jitters.
As oil prices have doubled over the last year from lows of less than $28 a barrel to over $50 many shale producers have been able to restart flows, threatening the price rises which have allowed their revival in the first place.
Oil prices have been buoyed this week by optimism that the deal between producers in the Organization of Petroleum Exporting Countries and major producers outside of the cartel is beginning to relieve the global glut.
US oil and gas flows were decimated by the two year oil rout due to higher costs for rig operators in shale-rich pockets of the States than in major producers in the Middle East and Russia.