British-Dutch multinational oil and gas company Shell has said that 7,000 to 9,000 jobs are at risk, as it continues to battle a substantial drop in profits since the start of the COVID-19 pandemic.
Affirming that the job cuts will be implemented by 2022, the number includes 1,500 employees who are opting for voluntary redundancy.
Chief Executive Ben van Beurden has reportedly said the job cuts were “the right thing to do for the future of the company”, which employs 83,000 people worldwide.
Shell has experienced a 46 per cent drop in Q1 net income this year, with Q2 income falling by 82 per cent.
The oil giant is currently undertaking a cost-cutting drive that is projected to produce annual savings of $2bn (€1.7bn) to $2.5bn (€2.1 bn) by 2022.
Other large oil companies are in similar waters, with BP also recently cutting its dividend and announcing a 10,000-job cut.