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Reuters
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The oil giant “Royal Dutch Shell” has announced a large net loss of $ 21.7 billion in 2020 due to falling energy prices and massive drop in demand due to the epidemic of Corona.
The Dutch-British group said in a statement that it made a net profit of $ 15.8 billion in 2019, before the onset of the health crisis that led to a long-term decline in oil and gas consumption.
After the first quarantine measures were imposed in the spring, oil prices fell to an all-time low, and even briefly in early April.
But it has improved recently and reached around fifty dollars a barrel, even if it remains below the level reached in early 2020.
Shell’s accounts were affected, particularly in the second quarter of last year, by declining asset values, reflecting market conditions, which resulted in a loss of $ 18 billion.
It started recording profits again in the third quarter, but returned in the fourth quarter to losses of $ 4 billion at the time.
The epidemic damaged the oil market and forced large companies to adapt to falling prices.
Shell’s annual loss is greater than that revealed by BP on Tuesday and stands at $ 20.3 billion.
Source: AFP
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