It's not a bright time for the oil giant Shell. The Anglo-Dutch giant has announced, in fact, a cut of 6500 employees by the end of this year due to weakness in oil. Shell explained that the trend of oil at a very low price could last many years and that, therefore, "the decision on the workforce reflects the reality of the market".
Shell it also revealed its intention to further reduce capital expenditure (capex) for 2015 by approximately 30 billion dollars, equal to -20% compared to what was projected in 2014.
The title of the oil group today gains more than 4 percentage points on the London Stock Exchange.
