Shell will reverse asset writedowns to the tune of $4.5 billion after it revised its oil and gas price outlook upwards, the supermajor said in a second-quarter financial update. Shell now expects Brent crude to average $80 per barrel in 2023, $70 per barrel in 2024 and 2025, and $65 over the long term.
"Aggregate post-tax impairment reversals in the range of $3.5 to $4.5 billion of previously impaired assets are expected in the second quarter, primarily due to changes in commodity price outlook," the company said. Shell also said it expected its…U.S. Slaps New Oil Sanctions On Iran Amid Stalled Nuclear Negotiations
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