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Shell warns that Coronavirus price plunge hits $22 billion



shell (RDSA) On Tuesday, the energy price outlook was lowered. In a statement, the price of Brent crude oil is expected to reach US$40 per barrel in 2021 and US$50 per barrel by 2022. The price is expected to rise to US$60 per barrel by 2023.
The $190 oil sounds crazy. But JPMorgan Chase believes that even after the pandemic
The company said that changes in its price forecasts reflect the economic trauma caused by the coronavirus pandemic. The pandemic plunged countries into recession, and the demand for energy fell sharply.

Brent crude oil futures reached their lowest level in decades in April, falling below $20 a barrel. They have made a comeback and the transaction price has exceeded $41 per barrel, but it is still much lower than the price at the beginning of this year.

Shell said on Tuesday that due to changes in market conditions, it expects the second quarter to be between US$15 billion and US$22 billion. The company plans to report the financial results for the quarter on July 30.

The company said in a statement that it will continue to “adapt to ensure that the business remains resilient.” To save cash, Shell cut its dividend for the first time since World War II in April.

This year, demand for oil and natural gas has fallen sharply, prompting many of the industry’s largest companies to accelerate their transition to clean fuels. Shell is committed to achieving net zero carbon emissions from its own operations by 2050.

BP sells petrochemical products for $5 billion
blood pressure (blood pressure) Agree to sell its petrochemical business for $5 billion on Monday, saying the company’s resources will be better deployed elsewhere because the company strives to achieve net zero emissions by 2050 or earlier. BP announced earlier this month that it will write down its assets by as much as $17.5 billion in the second quarter.

With the economic recovery of various countries, the demand for crude oil began to pick up. However, the potential resurrection of this virus poses a major risk to any forecast, and even if the oversupply has eased, it will help control prices.


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