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July 31, 2015

Shell to cut jobs to cope with period of cheap oil

LONDON (AP) — Royal Dutch Shell announced deep cuts to jobs and investment on Thursday as the global energy giant prepares for a prolonged period of low oil prices.

Shell expects to eliminate 6,500 staff and contractor positions this year as it seeks to reduce operating costs by 10 percent, the Netherlands-based company said Thursday. The company also plans to reduce capital investment by $7 billion, or 20 percent.


 
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