BP has announced plans to cut 10,000 jobs from its global business as a result of the impacts of the coronavirus pandemic and subsequent lockdowns.

The energy giant has suggested around 15% of its workforce will be made redundant by the end of the year but has not yet specified how many jobs will be lost in the UK.

The decision has been driven by the global fall in demand for oil resulting from the coronavirus crisis – the cost of oil fell to less than $20 (£15.8) a barrel at the peak of the crisis, as industries shutting down and businesses closing their doors resulted in energy demand flatlining.

An insider at the company says an email circulated to staff by CEO Bernard Looney suggests the firm is spending more than it makes and aims to cut capital spending by a quarter this year, totalling a reduction of around $3 billion (£2.36bn).