BP quickens job cuts due to oil price fall
Oil giant BP is accelerating plans to cut hundreds of jobs within its back-office departments - many of them based in the UK and US.
The company, which has been downsizing since the oil spill in the Gulf of Mexico in 2010, said it had long planned the cuts, but is speeding up the process due to falling oil prices.
Crude prices have fallen by almost 40% this year, reducing oil firms' margins.
BP employs almost 84,000 people worldwide, and some 15,000 in the UK.
In the US, the firm employs 20,000 people, many of whom are based in Texas.
"The fall in oil prices has added to the importance of making the organisation more efficient," a BP spokesman told the BBC, "and the right size for the smaller portfolio we now have".
Earlier on Sunday, The Sunday Times newspaper quoted BP's finance...
Dec 08, 2014