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.
Economic Crimes Surge In Mumbai: EOW Records Massive ₹1.57 Lakh Crore Fraud In Just 9 Months
Navi Mumbai Crime Branch Busts Ganja Racket In Kalamboli; 4 Arrested
AUS vs ENG, 1st Test: Ashes Banter Heats Up As Australian Newspaper Calls Travis Head 'England's Daddy'
'Har Sunday Do Ghante': Bhiwandi Youth Unite To Save Polluted Varala Lake
