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Market Chatter: Royal Dutch Shell Plans Further 2,200 Job Cuts As Oil Prices Stay Lower For Longer

Royal Dutch Shell Plc (RDS.A, RDS.B) plans to cut 2,200 more jobs, taking the total tally of losses to 12,500 from 2015 to 2016.

At least 5,000 jobs will go this year, Reuters and other media outlets reported. The company is trying to counter the prolonged slump in oil prices .

"We have to take further difficult decisions to ensure Shell remains competitive through the current prolonged downturn," the agencies cited Paul Goodfellow, senior vice president for the U.K. and Ireland as saying in an emailed statement.

The stock is inactive pre-bell and closed at $49.48 on Tuesday in a 52-week range of $35.96 - $61.20.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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