Jun 15, 2020
BP takes hit of up to $17.5bn as it forecasts cheaper oil
BP says it expects oil prices to be lower than expected from now until 2050 as governments speed up plans to cut carbon emissions in the wake of the coronavirus pandemic. Last week, the firm announced plans to cut 10,000 jobs following a global slump in demand for oil. Countries across the globe have ordered people to stay indoors and not travel as a result of the coronavirus pandemic, which has caused a slump in demand for oil. As a result, the cost of oil fell to less than $20 a barrel at the peak of the crisis, less than a third of the $66 it cost at the start of the year. For a brief period buyers were actually paid to take delivery of crude oil amid a shortage of storage.
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