BP is to cut around 10,000 jobs as part of plans to deal plunging demand for fuel caused by Covid-19. The move will affect around 15 per cent of the company's workforce including 2,000 UK staff.
Frontline jobs in oil production will not be affected by the cuts which will largely fall on office workers.
In an email to staff, BP chief executive Bernard Looney 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."
He added: "We will now begin a process that will see close to 10,000 people leaving BP - most by the end of this year.
"The majority of people affected will be in office-based jobs. We are protecting the front line of the company and, as always, prioritising safe and reliable operations."
The oil giant plans to get rid of a third of its 400 senior management roles and freeze pay this year for those that are kept on.
Demand for oil and gas has plummeted this year as large parts of the economy have been shut down to contain the spread of coronavirus.
That sent oil prices tumbling in April and May, though they have now recovered some of those losses thanks to drastic production cuts by producer nations.