By Jonathan Davies

Royal Dutch Shell has announced plans to cut back investment by $15bn over the next three years.

Falling oil prices are expected to squeeze revenues, and the announcement comes despite Shell reporting a doubling of profits in the last quarter of 2014. The oil giant posted profits of $4.2bn, up from $2.2bn in the same period last year.

It resulted in full year profits of $19bn, up from $16.7bn in 2013.

Shell chief executive Ben van Beurden said: "We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices.

"Shell is taking structured decisions to balance growth and returns."

Shell has sold $15bn worth of assets over the past 12 months.

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