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Shell to take up to $22bn hit on lower oil price

Lower price forecasts for 2020, 2021 and 2022 to cut swathe through energy major's profits in the June quarter
Shell to take up to $22bn hit on lower oil price

Royal Dutch Shell (RDSB) has followed BP (BP) and dropped its oil price forecasts for the next few years, leading to a $15bn-$22bn (£12bn-18bn) writedown in its June quarter results. A more bearish shift has also taken place in its refining margin estimates, which the company said would be down 30 per cent in the longer term. 

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