BP has announced that it will reduce its global workforce by 10,000 jobs before the end of 2020.

The announcement came on Monday and was attributed to the massive decline in demand for oil as a result of the COVID-19 pandemic.

The figure represents roughly 15% of the oil group’s 70,000 staff.

It’s yet to be revealed how this decision will affect operations in Trinidad and Tobago.

CEO Bernard Looney said the changes are expected to significantly affect senior levels, cutting the number of group leaders by a third.

In a letter to staffers, Looney, who took the helm of the energy company in February, said BP “requires $22 billion a year to run the company — of which about $8billion was allocated for people costs”.

“While the external environment is driving us to move faster — and perhaps go deeper at this stage than we originally intended — the direction of travel remains the same,” said Mr Looney in the letter.