Energy giant BP has announced plans to cut around 10,000 jobs worldwide in response to the latest oil downturn.
In an email to workers, chief executive Bernard Looney said the majority of the those affected will be “office-based” with most of the cuts to be carried out this year.
The oil downturn, brought on by the Covid-19 pandemic, was to blame according to Mr Looney, which saw BP fall to a pre-tax loss of £3.6billion for the first quarter of the year in April.
He said: “The oil price has plunged well below the level we need to turn a profit. We are spending much, much more than we make – I am talking millions of dollars, every day. And as a result, our net debt rose by $6 billion in the first quarter.”
BP’s move to a lower-carbon energy company was also cited.
