Refining slowdown hits oil majors' Q3 earnings

Oct 31, 2013, 2:52 PM EDT
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Overcapacity in the global refining industry and weak demand for vehicle fuel in developed economies hit the results of three of the world's largest oil companies. Anglo-Dutch Royal Dutch Shell, the U.S.' ExxonMobil and France's Total all blamed a decline in their downstream refining businesses for weak third-quarter earnings. Shell was worst affected, with its profit falling by almost a third to $4.5 billion.Total's declined almost a fifth to $3.7 billion, as did Exxon's to $7.9 billion.

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