Brent crude oil futures reached their lowest level in decades in April, dropping below $ 20 a barrel. They have arranged a return to trade above $ 41 a barrel, but that is still well below where prices started the year.
Shell said Tuesday that it expects to take over between $ 15 billion and $ 22 billion in the second quarter as a result of changing market conditions. It is slated to report its financial results for the quarter on July 30.
The huge drop in demand for oil and gas this year is pushing many of the largest companies in the industry to accelerate a shift to cleaner fuels. Shell is committed to achieving zero net carbon emissions from its own operations by 2050.
Demand for crude is beginning to rebound as countries restart their economies. But a possible resurgence of the virus poses a significant risk to any forecast, helping to keep prices in check even when oversupply decreases.
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