Oil giant Royal Dutch Shell will write down the value of its assets
by up to $22 billion after lowering its mid and long-term outlook on
oil and gas prices. The company revised down average long-term refining
margins by around 30 per cent and expects Brent crude to average $35 a
barrel this year and $40 a barrel next year, with it rising to $60 by
2023.

The world’s largest fuel retailer also said that it expected a 40 per
cent fall in fuel sales in the second quarter owing to a sharp fall in
consumption as a result of coronavirus-related travel restrictions
around the world. The move is part of the Anglo-Dutch company’s wide
review of operations after the chief executive, Ben van Beurden, laid
out plans in April to reduce greenhouse gas emissions to net zero by
2050.