London (CNN Business)Royal Dutch Shell is writing down the value of its assets by as much as $22 billion as lower oil prices push the Anglo-Dutch company to accelerate a shift away from fossil fuels.
Shell (RDSA) slashed its outlook for energy prices Tuesday, saying in a statement that it expects Brent crude to cost $40 per barrel in 2021 and $50 per barrel in 2022. Prices are forecast to rise to $60 per barrel in 2023.
The company said the changes to its price forecast reflect the economic trauma caused by the coronavirus pandemic, which has plunged countries around the world into recession and sharply reduced demand for energy.