Shell’s Covid cost

Financial Mail - - MARKET WATCH -

Royal Dutch Shell will slash up to $22bn from the value of its as­sets as the oil ma­jor warned that the pan­demic would deal a last­ing blow to de­mand for en­ergy prod­ucts and the global econ­omy. Shell’s move fol­lows a sim­i­lar an­nounce­ment this month by BP, in­di­cat­ing aware­ness among ex­ec­u­tives at the big en­ergy com­pa­nies that bil­lions of dol­lars worth of oil, gas and re­fin­ing as­sets could be ren­dered eco­nom­i­cally un­vi­able. Fi­nan­cial Times

DOWN­BEAT Shell ex­pects Brent crude prices of $50 a bar­rel in 2022. The ma­jors be­lieve the pan­demic will stall de­mand for oil and gas, and force a global shift to­wards cleaner fuels

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