British energy giant BP has announced plans to lay off 10,000 people due to the fall in oil prices and the COVID-19 outbreak.
British energy giant British Petroleum (BP) has announced plans to lay off 10,000 people.
The company said in an email sent to employees that layoffs have been halted for now due to a new type of coronavirus (COVID-19) outbreak, but 15 percent of employees are scheduled to be laid off by the end of the year.
BP’s Chief Executive Bernard Looney cited a drop in oil prices as the reason for his layoff plan.
Looney, “Oil prices have fallen below the level where we can make a profit. We’re spending a lot more money than we can. I’m talking millions of dollars every day. The COVID-19 outbreak has emits. Beyond human tragedies, the epidemic has caused large-scale economic disruption, which has consequences for our company and industry.”
BP employs more than 70,000 people worldwide.