BP (2)

BP has announced plans to cut 4,000 jobs from its global workforce, with around 600 coming in the North Sea.

The oil giant said all of the cuts would come in its oil exploration and drilling business, with the North Sea cuts expected to take two years to complete.

BP is one of several major companies in the oil industry to have been shocked by the dramatic fall of oil prices. Around 18 months ago, in the summer of 2014, oil was trading at around $110 per barrel. Now, prices are dangerously close to dipping below the $30 mark.

A spokesperson for BP said: "We want to simplify structure and reduce costs without compromising safety. Globally, we expect the headcount in upstream to be below 20,000 by the end of the year."