BP cuts jobs in North Sea oil

BP has cut 300 North Sea oil jobs as its looks to save costs amid the plunging price.

Of those to be laid off, 200 are BP workers with the others affected in contractor roles. Staff in Aberdeen have been briefed this morning.

The energy giant said it is keen to ensure its business in the North Sea remains competitive and sustainable for the long term.

Oil analyst Amrita Sen said the fall in oil prices since last summer has been severe, and the lack of intervention by the Organization of the Petroleum Exporting Countries has created uncertainty in the industry.

"Even if prices come back toward the end of the year, which is what we expect , the uncertainty OPEC has created in the market by saying … 'we're not going to intervene, let the markets be' – that's what's going to be very, very crucial going forward, particularly for jobs," she said.