Shell reveals 2,200 new job cuts

Royal Dutch Shell has announced it will axe 2,200 further jobs, taking its total 2015-16 job cuts to 12,500.

The Anglo-Dutch group revealed on Wednesday that it needed to make the cuts to reduce costs in order to remain competitive in the current environment of low oil prices.

However, oil prices have nearly rebounded to $50, with front-month Brent crude up 0.9% to $49.06 a barrel, having sunk below $30 in January.

Shell's news comes just three months after the FTSE 100 oil giant announced 10,000 layoffs and a day after its annual shareholder meeting.

Shell shares were up 1.2% to 1,675p just before 1100 BST on Wednesday.