The Royal Dutch Shell has reported a deep financial loss after the price of its oil and gas resources fell to record lows in global markets due to carnivirus.
The Anglo-Dutch oil giant posted a net loss of $ 18.3bn in the second quarter of 2020, down from a net profit of $3bn in the same period last year and $2.7 billion in the first three months of 2020.
However, the company was expected to recover from its worst set of quarterly financial results in its oil business record, which helped boost the company's earnings as prices fell below a 21-year low.
Shell posted a consistent net income of $638 million in the second quarter, down 82% from the same period a year earlier, after analysts forecast a loss of $664 million.
The company was forced to downgrade its oil and gas reserves to a record $16.8 billion after a post-tax hurdle, even after revising its global oil price forecast in the wake of the COVID-19 pandemic.-Internet