Shell makes $20bn loss as Covid crisis downgrades assets

Oil and gas giant says pandemic has fuelled weakest results for two decades

Royal Dutch Shell plunged to a loss of almost $20bn last year after the impact of the Covid-19 pandemic on the global oil market stripped around $22bn from the value of its oil and gas assets.

The oil company was forced to write down its assets following a slump in oil and gas market prices, leading the company to a loss of $19.9bn compared with a profit of $15.3bn the year before.

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