Shell to cut 9,000 jobs to save on cost, achieve net-zero emissions

Royal Dutch Shell will cut 7,000 to 9,000 jobs worldwide by 2022 due to the COVID-19-induced collapse in global oil demand.

Shell CEO Ben van Beurden described the job cuts as "the right thing" with the company striving to become a net-zero emissions entity.

Shell is currently cost-cutting to save $2 billion to $2.5 billion annually by 2022.

The company did not indicate where the job losses would happen, but it would include those of 1,500 people who were taking voluntary redundancy.

Shell employs 83,000 people worldwide.

Five months ago, the company cut its dividend for the first time since World War Two after suffering a substantial drop in profits due to the pandemic.

Shell's first-quarter net income dropped 46 percent to $2.9 billion followed by an 82 percent drop in the second quarter to $638 million.

Third-quarter earnings were projected to be between $800 million to $875 million.