Oil giant Shell announced record annual profits of $40 billion this week, the highest profits in 115 years.

The company reported a doubling of profits from the previous year, with a total of $32.2 billion.

Despite this record-breaking result, Shell warned that the global oil market still faces significant challenges. The company noted that the industry faces an uncertain future, with geopolitical tensions and environmental concerns continuing to be major issues.

Shell CEO Ben van Beurden said: “The industry is facing a period of significant change and uncertainty. We remain committed to providing energy to the world in a safe, reliable and responsible way.”

The company also highlighted the need for further investments in renewable energy sources, such as wind and solar, in order to meet the growing demand for energy.

Shell’s record profits come as the oil industry continues to face a number of challenges, including declining demand and increasing competition from other energy sources. While the company’s profits are a testament to its success, Shell is aware that it must continue to innovate and adapt in order to remain competitive.