Shell profits plummet 46% in first quarter

Dutch oil and gas giant Shell saw its profits fall a massive 46 percent in the first quarter of this year. In the first quarter of 2019, the company made a profit of 6 billion euros. This year, the multinational suffered a loss of 24 million euros, NOS and NU.nl report.

CEO Ben van Beurden called the circumstances of the past few months "extremely challenging".

Demand for oil has collapsed due to the coronavirus crisis. Consumers are no longer driving to and from work, and most all planes in the world have been grounded. As oil producers have not adjusted their production, the oil price plummeted - even reaching negative prices in the United States market.

Due to the massively disappointing results, the company is reducing its dividend - the profit distribution to shareholders - for the first time since te Second World War.