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BP to slash 4,000 jobs or 5% of its workforce as it cuts production in oil slump

With crude prices at 12-year lows, the world's biggest oil producers face their longest period of investment cuts in decades.

LONDON — British oil and gas company BP announced plans on Tuesday to slash 5 per cent of its global workforce in the face of a continued slump in oil prices.

It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it undergoes a US$3.5 billion restructuring program. BP said its headcount totalled around 80,000 at the end of 2015.

With crude oil prices at 12-year lows of around US$32 a barrel, the world’s biggest oil and gas producers are set to continue aggressively slashing spending this year as they face their longest period of investment cuts in decades.

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