Royal Dutch Shell announced that its Q1 earnings rose 60 per cent, driven by higher oil prices despite a dip in production, and helped by asset sales and improving refining operations.

ConocoPhillips announced that Q1 earnings rose 43 per cent to hit US$3 billion as higher oil and gas prices made up for a sharp decline in production.

Shell's Sustainability Report for 2010 looks at how the oil giant is helping to meet rising energy demand in economically, environmentally and socially responsible ways.

Schlumberger Limited announced Q1 2011 revenue of US$8.72 billion versus US$9.07 billion in the fourth quarter of 2010 and US$5.60 billion in the first quarter of 2010.

The latest monthly report from the International Energy Agency (IEA) warned that the global economy could suffer a slowdown unless oil prices fall from their current high levels.