Shell takes $22bn hit over low oil prices

Hellenic Shipping News | Jul 1, 2020 at 2:00 AM
  • Shell, one of the world’s largest oil companies, has warned that the low price of oil could reduce the value of its assets by up to $22bn (£17.9bn).
  • As a result, the cost of oil fell to less than $20 a barrel at the peak of the crisis, less than a third of the $66 it cost at the start of the year.
  • For a brief period buyers were actually paid to take delivery of crude oil amid a shortage of storage.