Oil giant Shell dives into $21.7 bn loss in 2020


Oil giant Shell dives into $21.7 bn loss in 2020

Royal Dutch Shell dived into a net loss of $21.7 billion in 2020, the oil giant announced Thursday, as the coronavirus pandemic slashed global energy demand.

The Anglo-Dutch group’s net loss compared with a net profit of $15.8 billion in 2019, the company said in a statement.

Shell’s result is similar to British rival BP, which on Tuesday reported a 2020  net loss of $20.3 billion.

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Both companies are axing thousands of jobs in response to the economic fallout from the pandemic.

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After governments worldwide closed their doors and airlines grounded planes towards the end of last year’s first quarter, oil prices dropped off a cliff, even briefly turning negative.

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Prices then rebounded sharply however — and they soared Tuesday to pre-pandemic levels on the brightening economic outlook as more progress was reported on vaccines.

Vanguard News Nigeria

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