The shares of Europe’s biggest oil company, Royal Dutch Shell rose by 0.5% after a rise in the first quarter profit of the company. The first quarter profit of the company was $6.9bn, whereas last year during the same period, it was $4.9 billion.

The company said that the profits jumped by 30% because of a rise in crude oil prices and refining. The Class A shares of the company rose by 1.3% in London and were traded at 2,333 pence.

Net income of the company rose by 60% to $8.78 billion from $5.48 billion last year during the same period. The price of Brent oil was $105.52 a barrel in the first quarter on an average which was 36% higher as compared to the last year.

The production of the company fell by 3% to 3.5 million barrels of oil in a day. The Chief Executive Officer of Royal Dutch Shell, Peter Voser, said that the aim of the company is to produce 3.7 million barrels a day by 2014.

The Royal Dutch Shell has started its projects in Brazil, Nigeria, Canada and the Gulf of Mexico last year. This year the company is planning to invest $100 billion in projects over the four years.