Royal Dutch Shell dived into a net loss of $21.7 billion in 2020, the oil giant announced Thursday, as the coronavirus pandemic slashed global energy demand.

The Anglo-Dutch group’s net loss compared with a net profit of $15.8 billion in 2019, the company said in a statement.

Shell’s result is similar to British rival BP, which on Tuesday reported a 2020  net loss of $20.3 billion.

Both companies are axing thousands of jobs in response to the economic fallout from the pandemic.

ALSO READ: PIB: Presidency wades in, reconciles warring host communities

After governments worldwide closed their doors and airlines grounded planes towards the end of last year’s first quarter, oil prices dropped off a cliff, even briefly turning negative.

Prices then rebounded sharply however — and they soared Tuesday to pre-pandemic levels on the brightening economic outlook as more progress was reported on vaccines.

Vanguard News Nigeria