Good morning: Oil giant Royal Dutch Shell will write down the value of its assets by up to $22 billion after lowering its mid and long-term outlook on oil and gas prices. The company revised down average long-term refining margins by around 30 per cent and expects Brent crude to average $35 a barrel this year and $40 a barrel next year, with it rising to $60 by 2023. The world’s largest fuel retailer also said that it expected a 40 per cent fall in fuel sales in the second quarter owing to a sharp fall in consumption as a result of coronavirus-related travel restrictions around the world. The move is part of the Anglo-Dutch company’s wide review of operations after the chief executive, Ben

Source: The Times June 30, 2020 08:03 UTC