BP forced to cut oil reserves price

BP HAS been forced to reduce the price it thinks it can get for the oil left in its underground reserves, as the energy giant took charges and write-offs that could reach £14bn.

The company said the coronavirus pandemic could have an “enduring impact” on the global economy and reduce the need for energy for a long time.

The oil giant reduced the value of its remaining reserves from $75 per barrel to $55 up to 2050.