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

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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 now it has said around 15% of its workforce 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.

The decision was announced by BP’s boss in a webcast on Monday.

In an email following the call, Bernard Looney – who took over as chief executive in February – 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.”

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