BP likely to lose $17.5 billion as virus hits demand for oil

British Petroleum (BP) has predicted that oil prices will remain low for decades in the wake of measures taken by various governments to reduce carbon emissions following the coronavirus outbreak.

From now until 2050, the average price of a barrel of Brent crude oil will be US$ 55, according to the company.

The company has also reduced its value to between US$ 13 billion to US$ 17.5 billion in anticipation of a possible drop in oil prices.

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It may be recalled that just last month, BP slashed 10,000 jobs due to the declining demand for oil. Worldwide sanctions following the coronavirus outbreak reduced demand for oil, which at one point fell to less than US$ 20 a barrel.

It is to be remembered that at the beginning of this year the per barrel price of crude oil was US$ 66.

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