"We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery. We’re taking a prudent approach, pulling on powerful financial levers to manage through this downturn, always making sure we have the capacity to pay attractive dividends for shareholders," Shell CEO Ben van Beurden said in a statement.
Global oil prices dropped from $100 to $45 per barrel for Brent crude in the second half of 2014, due to global oversupply.
The Organization of the Petroleum Exporting Countries decided in November 2014 to maintain oil production levels, accelerating the price decline.
According to the International Energy Agency (IEA), global oil prices will fall further in 2016 as a result of decreased demand.