BP will not cut jobs over next three months: CEO Looney

BP CEO Bob Dudley on the outlook for oil demand, the company's growth, the regulatory environment, the company's alternative energy push and the outlook for oil prices.

Oil giant BP PLC will not cut jobs over the next three months, Chief Executive Officer Bernard Looney said, even as the company seeks to reduce spending following an oil price crash.

OIL SINKS TO 18-YEAR LOW BUT HOLDS $20 LEVEL

Looney wrote in a LinkedIn post that while there has been reduced demand for the industry's products, the company's response to the crisis "will not include making any BP staff redundant over the next 3 months."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

"BP is strong and, importantly, we have navigated challenges like this before. We know what to do.”
- Chief Executive Officer Bernard Looney on LinkedIn

World's major oil companies, including BP, have said they would reduce spending following a plunge in crude prices due to the coronavirus pandemic and a price war between top producers Saudi Arabia and Russia. BP, however, has not given a specific figure.

London-based BP employs 73,000 people across several countries.

CLICK HERE TO READ MORE ON FOX BUSINESS