Anglo-Dutch oil operator Shell has announced that it is writing down the value of its assets by $22bn, as lower oil prices push the company to boost its shift away from fossil fuels.

The company said that the changes to its price forecast are influenced by the economic downturn and fall in demand caused by the response to the Covid-19 pandemic.

Shell said in a statement that it expects Brent crude to cost $40 per barrel in 2021 and $50 per barrel in 2022, as prices are forecast to rise to $60 per barrel in 2023.

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By GlobalData