10,000 jobs cut by BP as energy demand slumps: Plans to cut 10,000 jobs has been aannounced by the company from its global business as a result of the impacts of the COVID-19 pandemic and subsequent lockdowns.
BP has not yet specified how many jobs will be lost in the UK, but the energy giant has suggested around 15% of its workforce will be made redundant by the end of the year.
The cost of oil fell to less than $20 (£15.8) a barrel at the peak of the crisis, as industries shutting down and businesses closing their doors resulted in energy demand flatlining causing the decision which has been driven by the global fall in demand for oil resulting from the coronavirus crisis.
In an email circulated to staff by CEO Bernard Looney suggests the firm is spending more than it makes and aims to cut capital spending by a quarter this year, totalling a reduction of around $3 billion (£2.36bn) according to an insider at the company.
10,000 jobs cut by BP as energy demand slumps
