BP to layoff production workers

Oil price increases in recent months have not kept BP from carrying out further cost reductions. Over 500 employees will be dismissed this year.

Photo: Aker BP

UK oil company BP will fire up to three percent of employees within production this year, reports Financial Times. The layoffs will take place globally and impact research and production.

Of BP's total 18, 000 production employees, three percent – 540 employees – will be dismissed. The layoffs will be carried out despite the fact that global oil prices have increased to over USD 80 per barrel in recent weeks without the prospect of decline. The price was last over USD 80 in 2014.

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