By THE ASSOCIATED PRESS: LONDON — May 25, 2016, 6:08 AM ET
Anglo-Dutch oil company Royal Dutch Shell says it will trim at least 2,200 jobs globally amid challenging times in the oil industry.
The losses are in addition to cuts already being implemented because of the energy company’s merger with BG. The losses will include some 475 positions in the North Sea.
Oil companies around the world are slashing jobs and postponing investments to adjust to lower energy prices. Prices have fallen because production remains high even as slower economic growth, particularly in China, reduces consumption.
Paul Goodfellow, Shell’s vice president for the U.K. and Ireland, told staff on Wednesday that these are “tough times for our industry and we have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn.”
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