Royal Dutch Shell PLC swung to its first quarterly loss since its formation over a decade ago and warned that the outlook for oil-and-gas demand continued to be uncertain, illustrating the scale of damage Covid-19 is wreaking on the industry.
The pandemic has decimated demand for oil, hitting prices hard. When around two-thirds of the world’s population was in lockdown in early April, global oil demand fell by a third, according to the International Energy Agency.
