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BP to spend nearly £640m making hundreds of job cuts as oil price slumps
BP is to spend $1bn (£636.8m) on making hundreds of job cuts over the next year in response to the continued slump in global oil prices.
The price of benchmark Brent crude dropped a further 4% on Wednesday towards $64 a barrel as the Organisation of Petroleum Exporting Countries (Opec) said it expected global demand for its crude next year to fall to its lowest level in more than a decade, far below the current output.
In a monthly report raising the possibility of surplus supplies putting further pressure on prices, the producers’ cartel forecast demand would drop to 28.92m barrels per day, down 280,000 bpd from its previous expectation and more than 1m barrels a day less than it currently produces.
The bulletin coincided with official data showing that inventories of US crude rose unexpectedly last month, when stocks had been expected to fall …. http://www.theguardian.com
Source: http://luismmx.blogspot.com/2014/12/bp-to-spend-nearly-640m-making-hundreds.html
