Company blames write-down on travel restrictions and poor economic growth
Shell has warned the value of its oil and gas assets may fall by $22bn (£16bn) in 2020 after shaving up to $4.5bn from its portfolio in the final quarter of the year.
The oil company ended any hopes for a brighter end to 2020 for shareholders with the announcement of another write-down. Shell blamed the move on the weaker outlook for global oil demand owing to coronavirus restrictions on travel and poor economic growth.