BP to cut 10,000 jobs as virus hits demand for oil

BP has announced plans to cut 10,000 jobs following a global slump in demand for oil because of the coronavirus crisis. The oil giant had paused redundancies during the peak of the pandemic but told staff on Monday that around 15% will leave by the end of the year. BP has not said how many jobs will be lost in the UK but it is thought the figure could be close to 2,000. Chief executive Bernard Looney blamed a drop in the oil price for the cuts. In an email to staff, 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." Countries across the globe have ordered people to stay indoors and not travel, which has caused a slump in demand for oil. As a result, the cost of oil fell to less than $20 a barrel at the peak of the crisis, less than a third of the $66 it cost at the start of the year. It has since partly recovered to around $42 a barrel...MORE