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Shell Swings to Historic Loss as Pandemic Devastates Oil Demand

Shell Swings to Historic Loss as Pandemic Devastates Oil Demand

Anglo-Dutch oil major warns that uncertain demand outlook could curtail its third-quarter production

Royal Dutch Shell PLC swung to a heavy loss in the second quarter and warned that the outlook for oil-and-gas demand continued to be uncertain, illustrating the scale of damage Covid-19 is wreaking on the industry.

The pandemic has decimated demand for oil, hitting prices hard. When around two-thirds of the world’s population was in lockdown in early April, global oil demand fell by a third, according to the International Energy Agency.

FULL STORY (PAYWALL)

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