(MENAFN) Royal Dutch Shell has revealed 87 percent deterioration in its annual gross profits on sinking oil prices, according to the latest reports.
This corresponds with the firm's termination of thousands of jobs, selling assets worth billions of dollars and exiting schemes as oil prices fall on world markets.
Oil firms have been reducing staff and suspending drilling rigs due to a drop in oil prices from more than USD100 a barrel in July to nearly USD30 nowadays.
"We are making substantial changes in the company, reorganizing and reducing costs and capital investment, as we refocus Shell," said the firm's chief executive.
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