Yesterday, BP, The Multinational oil and gas industry company, headquartered in London, announced that the company will be laying off 10,000 Jobs because of the decline in oil demand due to the coronavirus and that there's no way profit will cover up the loose during the pandemic.
Hundreds of millions have lost their jobs over the past few months. In March, Rolls-Royce cut off 9000 Jobs, while Boeing cut off 6,770 jobs likewise many other airlines and it's going to be like this for a while, however in the United States the number of unemployment rate rose to 14.7% of the total population but since the country lifted lockdown Ivanka Trump has reported more than 2 Million Jobs reinstated. Called it a "recovery".
Bernard Looney, Who became the company's Chief Executive in February just during the pandemic, says the job cut was a necessary step as the oil price has dropped drastically which is beyond their control. As of 2019, British Petroleum (now referred to as just BP) had 73,000 Employees according to Wikipedia. But since the pandemic, the company is suffering a loose in stock market with a minus 4.15%.
The demand in oil has decreased drastically since March half of the world was either forced to stay home or in lockdown. BP is one of the seven most biggest oil companies, and it has joined the list of other oil companies who have cut Job earlier which includes Canary, Apache, and Halliburton, and it is expected that more other industries will follow, in the US as early as April, a lot of oil companies laid off hundreds of jobs as oil price and demand began to decline. The Jobs in the oil industry is estimated to be 9.8 million jobs, However the number has dropped due to Covid-19, and Shell reportedly cut down 2,200 Jobs in late may, this is no doubt one among the pandemic impacts.