Oil giant Shell dives into $21.7 bn loss in 2020

The Anglo-Dutch group’s net loss compared with a net profit of $15.8 billion in 2019, the company said in a statement.

Shell’s result is similar to British rival BP, which on Tuesday reported a 2020  net loss of $20.3 billion.

Both companies are axing thousands of jobs in response to the economic fallout from the pandemic.

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After governments worldwide closed their doors and airlines grounded planes towards the end of last year’s first quarter, oil prices dropped off a cliff, even briefly turning negative.