BP faces hit of up to $17.5bn as it forecasts lower oil prices | BBC News

BP has forecast lower oil prices for decades to come as governments speed up plans to cut carbon emissions in the wake of the coronavirus pandemic.

It has cut price forecasts by about 30%, and expects Brent crude to average $55 a barrel from now until 2050.

As a result, the oil giant says it will revise down the value of its assets by between $13bn and $17.5bn (£13.8bn).

BP said it would have to become a “leaner, faster-moving and lower-cost organization”.

Last week, the firm announced plans to cut 10,000 jobs following a global slump in demand for oil.

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