Shell has announced annual profits of $39.9bn doubling from a year earlier and far exceeding the previous record of $31bn in 2008.

The London-listed company also posted record fourth-quarter earnings of $9.8bn.

Shell chief executive Wael Sawan said: “Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

“We believe that Shell is well positioned to be the trusted partner through the energy transition.”

It follows a year when consumers grappled with spiralling energy costs which has fed into persistent double-digit inflation.

The average cost of a litre of unleaded was at a record high of 191.5% in July.

In October, it reported operating profit of $9.5bn for the third quarter, lower than that of the three months before but still more than double the same period in 2021.

A record $11.5bn profit was announced for the second quarter, more than double the 2021 figure of $5.5bn. The first quarter also saw a record operating profit of $9.1bn.