November 1, 2018 / 10:05 AM / 19 days ago

Shell CFO sees cost inflation in oil industry around the world

FILE PHOTO: A logo for Royal Dutch Shell is seen on a garage forecourt, March 6, 2014. REUTERS/Neil Hall/File Photo

LONDON (Reuters) - Royal Dutch Shell Chief Financial Officer Jessica Uhl said on Wednesday wages and services costs in the oil and gas industry around the world have started rising following a deep downturn since 2014.

“We are seeing wage inflation and inflation effecting the supply chain and we are actively managing it,” Uhl told reporters in a conference call following the company’s third quarter results.

“It is certainly getting a bit tougher than it was a year or two ago.”

Service costs around the world plunged following the 2014 oil price crash and have been slow to recover despite crude prices surging to four-year high last month.

Reporting by Ron Bousso; Editing by Edmund Blair

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