Shell moves to cut costs due to coronavirus outbreak

In response to the current market environment, oil major Shell has decided to reduce its operating costs by up to $4 billion in 2020 and to cut its capital expenditure from $25 billion to $20 billion.

As the COVID-19 virus spreads across the world – seriously impacting people’s health, the way of life and global markets, Shell said on Monday it is taking decisive action to reinforce the financial strength and resilience of its business so that it is well-positioned for the eventual economic recovery.

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