50-percent reductions have been a recurring theme within the oil industry this year. From announcements on halving future carbon emissions at the start of the year to prices being cut in half in step with the corona crisis and a massive oil surplus to the halving of dividends and investment budgets. Although there has been some variation between the different rates set by companies.
But now something else is being halved at BP. The new chief executive of the British oil firm, Bernard Looney, means to cut the number of managing employees in half, writes Reuters citing an internal email, the content of which is confirmed by the company.
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