Shell plans to cut up to 9,000 jobs as oil demand slumps

Shell Gas Prices as of April 13, 2017
AAA says the national average is at its highest price this year, led by the switch over to more expensive summer-blend gasoline and increased driving demand. (Photo: Basil John/WWAY)

LONDON (AP) — Royal Dutch Shell says it is planning to cut between 7,000 and 9,000 jobs worldwide by the end of 2022 following a collapse in demand for oil and a subsequent slide in oil prices during the coronavirus pandemic.

The oil giant said Wednesday that around 1,500 employees have already agreed to take voluntary redundancy this year and that it is looking at a raft of other areas where it can cut costs, such as travel, its use of contractors and virtual working.

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Overall, it said it expects the cost-cutting measures to secure annual cost savings of between $2 billion and $2.5 billion by 2022.