Jun 30, 2020

Shell takes $22bn assets hit over low oil prices

Shell, one of the world's largest oil companies, has warned that the low price of oil could reduce the value of its assets by up to $22bn. Shell follows rival BP in telling investors that oil hardware is not worth as much as it used to be. Countries across the globe have ordered people to stay indoors and not travel as a result of the coronavirus pandemic, which has caused a slump in demand for oil. As a result, the cost of oil fell to less than $20 a barrel at the peak of the crisis, less than a third of the $66 it cost at the start of the year. "This will create huge challenge for oil producers, especially if demand and prices fail to recover sufficiently to support a managed transition to a more sustainable future."

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