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Royal Dutch Shell has reported a profit of $16.5bn (拢12.7bn) in 2019, down 23% from the previous year.

The oil giant also said its fourth quarter profit had fallen by nearly half to $2.9bn (£2.2bn), its lowest in more than three years.

Rising tensions in the Middle East and the first stage of a trade deal between the US and China helped oil prices top $70 a barrel early in January.

However, that fell below $60 earlier this week and on Thursday morning was sitting around $58.80 (£45.22), as the effect of China's coronavirus outbreak starts to become clear.

Ben van Beurden, Royal Dutch Shell's chief executive, said: "The strength of Shell's strategy and portfolio has enabled delivery of competitive cash flow performance in 2019 despite challenging macroeconomic conditions in refining and chemicals, as well as lower oil and gas prices."

The company's intention to complete its $25bn (£19bn) share buyback programme in 2020 remains "unchanged", he added, despite the slowing global economy.

Analysts were unconvinced, however, with those at equities broker Redburn saying the end-of-year target looks "extremely challenging".

The share buyback programme was launched in 2018, following Shell's assurances it would buy back its own stock once it had paid down its debt accumulated through the $54bn acquisition of BG Group in 2016.

Stuart Lamont, investment manager at Brewin Dolphin, said: "Investors in Royal Dutch Shell were braced for bad news today and the company's results are largely worse than expected against a highly challenging macro-economic backdrop.

"The good news, however, is the continuation of the share buyback programme - a cautionary note in the last management statement had shareholders worried it would be slowed.

"This news will likely be met positively by investors and provide some comfort against Royal Dutch Shell's fall in profits."

Shell shares closed 3.7% lower on Thursday while rival BP dipped 2.3%.