Royal Dutch Shell incurred large net losses of $ 21.7 billion in 2020 due to lower energy prices and the massive decline in demand due to the Covid-19 epidemic
According to Arabnet, the Dutch-British group indicated in a statement that it achieved net profits of $ 15.8 billion in 2019 before the start of the health crisis that led to a long-term decline in oil and gas consumption.
and after the imposition of the first quarantine measures in the spring, oil prices fell to their lowest levels ever, even for a while in early April, but they improved and reached about fifty dollars, with It remains below the level it reached in early 2020.
It resumed recording profits in the third quarter, but returned in the last quarter to record losses that amounted to $ 4 billion at the time.
The epidemic has damaged the oil market and the major companies have had to adapt to lower prices.
Shell's annual loss is greater than that revealed by BP on Tuesday, and amounted to $ 20.3 billion.
