Oct 27, 2020

BP returns to profit but pandemic weighs on demand

BP returned to profit in the third quarter, but the global coronavirus crisis continued to hit demand for oil. In February, BP said it planned sharp cuts in carbon emissions by 2050. It also wants to halve the amount of carbon in its products by 2050. In June, BP announced plans to cut 10,000 jobs after a slump in demand for oil due to Covid-19. It also forecast lower oil prices for decades to come as governments speed up plans to cut carbon emissions in the wake of the coronavirus crisis.

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