Shell to slash up to 9,000 jobs worldwide

PA

Shell has said it plans to cut between 7,000 and 9,000 jobs worldwide following a collapse in demand for oil following the coronavirus pandemic.

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.

Shell said the job cuts are part of a major cost-cutting programme after the business was bit by the slump in demand for oil and a subsequent dive in prices.

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."