Continued fall in global oil prices and demand forces BP to plan staff redundancies in all segments over the next year
BP is to spend $1bn (£636.8m) on making hundreds of job cuts over the next year in response to the continued slump in global oil prices.
The price of benchmark Brent crude dropped a further 4% on Wednesday towards $64 a barrel as the Organisation of Petroleum Exporting Countries (Opec) said it expected global demand for its crude next year to fall to its lowest level in more than a decade, far below the current output.