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

Commodities & Futures
© Reuters. BP's new Chief Executive Bernard Looney gives a speech in central London © Reuters. BP’s new Chief Executive Bernard Looney gives a speech in central London

(Reuters) – Oil major BP PLC (L:) 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.

Looney wrote in a LinkedIn (NYSE:) post on Friday 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.”

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.

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