Shell 1st-Qtr Profit Almost Doubles as War Boosts Oil Price

By Alex Lawler

London, May 2 (<a href=quote.bloomberg.com>Bloomberg) -- Royal Dutch/Shell Group, Europe's largest oil company, said first-quarter profit almost doubled to a record because oil prices surged as war in Iraq loomed and a strike in Venezuela curtailed supplies.

Profit, before special items and changes in the value of inventories, increased to $3.91 billion from $1.99 billion a year earlier, Shell said in a statement on PR Newswire.

Shell's result is higher than the average estimate of $3.67 billion, according to a Bloomberg survey of 13 analysts. Forecasts ranged from $3.14 billion to $3.8 billion. Last Updated: May 2, 2003 05:04 EDT