Shell makes $20bn loss as Covid crisis downgrades assets

Oil and gas giant says pandemic has fuelled weakest results for two decades

Royal Dutch Shell plunged to a loss of almost $20bn (14.7bn) last year after the impact of the Covid-19 pandemic on the global oil market stripped about $22bn from the value of its oil and gas assets.

The oil company was forced to write down its assets after a slump in oil and gas market prices, leading the company to a loss of $19.9bn compared with a profit of $15.3bn the year before.