British energy giant BP on Monday announced plans to axe “close to 10,000” jobs, or almost 15 percent of its global workforce, after the coronavirus pandemic slashed demand for oil.
“We will now begin a process that will see close to 10,000 people leaving BP — most by the end of this year,” chief executive Bernard Looney said in an email to its 70,000 staff seen by media.
He went on to say that oil prices had plunged “well below the level” the group needed “to turn a profit”.
After companies worldwide closed their doors and airlines grounded planes towards the end of the first quarter, oil dropped off a cliff, causing prices to briefly turn negative.
