Shell to cut 9,000 jobs as Covid crisis hits demand for oil

30 September 2020, 07:37 | Updated: 30 September 2020, 07:58

Oil giant Shell has said it plans to cut up to 9,000 jobs worldwide following a collapse in demand for oil following the coronavirus pandemic.

In a statement, Shell said: "Reduced organisational complexity, along with other measures, are expected to deliver sustainable annual cost savings of between two billion dollars to 2.5 billion dollars by 2022.

"This will partially contribute to the announced underlying operating cost reduction of three billion dollars to four billion dollars by the first quarter 2021.

"Job reductions of 7,000 to 9,000 are expected - including around 1,500 people who have agreed to take voluntary redundancy this year - by the end of 2022."

The oil giant has said the cuts will be fully implemented by the end of 2022.

The company also told investors that this includes around 1,500 employees who have agreed to take voluntary redundancy this year.