The chief executive of oil giant Royal Dutch Shell saw his annual pay cut after the tumbling cost of crude took its toll on the group. Shell's latest annual report revealed boss Ben van Beurden's total pay for last year was €5.6 million – a 77 per cent fall on the €24.2 million pay packet he collected in 2014.

The oil industry has been devastated by the collapse of oil prices, which have fallen by some 70 per cent since the 2014 summer peak. The industry has suffered from oversupply as Middle Eastern producers bid to drive out newer US shale rivals. This has led oil firms to shelve billions of dollars of exploration plans and cut thousands of workers. Brent Crude currently hovers at just over $40 a barrel.

Last month Shell announced its annual earnings tumbled to $3.8 billion last year, from $19 billion in 2014. – (PA)