Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower oil and gas prices amid the COVID-19 pandemic.
The company predicted the write-down for the quarter and said it continues "to adapt to ensure the business remains resilient" in challenging times. Earlier this month, its competitor BP, also cut the value of its own assets by up to $17.5 billion.
Shell predicted prices for Brent crude, the international oil benchmark, would be at $50 dollars a barrel in 2022. Earlier it had predicted a price of $60 a barrel. On Tuesday, it was trading near $41 a barrel.
Uttar Pradesh News: Agra Police Outpost In-Charge Suspended After Milk Vendor Alleges Custodial Abuse
'Can Replace Bangladesh': Iceland Cricket Takes Dig After Dhaka Refuses To Visit India For ICC T20 World Cup 2026
Major Recruitment Drive: 1,112 Assistant Professor Posts Planned In UP Medical Colleges
Politics Heats Up For 5 Rajya Sabha Seats In Bihar, Nitin Nabin Likely To Be Nominated
