BP to cut 10,000 jobs worldwide amid virus pandemic

Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP's global workforce of 70,000 people and come mostly this year. The changes are expected to significantly affect senior levels, cutting the number of group leaders by a third.

"So we are driving down those operating costs by $2.5 billion in 2021 -- and we will likely have to go even further," he said. Supply of oil and gas was particularly high when the outbreak began, creating a perfect storm for the industry. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.

David Elmes, who leads the Global Energy Research Network at Warwick Business School, said BP's cuts are symptomatic of the wider challenges facing the industry, with firms in the sector thinking about cutting costs.

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