Profits slid at Royal Dutch Shell in Q1 2019 as the company was impacted by weaker oil prices and margin pressures.

The blue chip firm posted statutory earnings of £4.1 billion for the first quarter, down 7% on the same period last year.

The price of Brent crude oil sank to an 18-month low at the end of December, holding back profits in the sector.

Royal Dutch Shell chief executive Officer Ben van Beurden said:“Shell has made a strong start to 2019, with the first quarter financial performance demonstrating the strength of our strategy and the quality of our portfolio of assets.

“The power of our brand, serving millions of customers every day, continues to be a differentiator.

“Our integrated value chain enabled our Downstream business to deliver robust results despite challenging market conditions. The consistent financial performance across all our businesses provides confidence in meeting our 2020 outlook.”