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		</div><p>BP said it is acting quickly to strengthen its finances amid the “most brutal environment for oil and gas businesses in decades” after prices plummeted in the face of coronavirus.</p>
<p>The oil giant said it will reduce its capital spending plans by 25% – with a new forecast of $12bn as part of cost reductions.</p>
<p>However, it stressed that no BP employees will be laid off during the next three months as a result of virus-related cost-cutting.</p>
<p>The company added that it will reduce output from its US shale oil and gas business, with plans to cut investment in its shale arm by $1bn.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Today we have released a COVID-19 response and market update. It details how we are: <br />• Protecting the physical and mental health of our people<br />• Supporting the communities where we live and work<br />• Strengthening our finances to better weather market volatility</p>
<p>&mdash; BP (@BP_plc) <a href="https://twitter.com/BP_plc/status/1245277666099552259?ref_src=twsrc%5Etfw">April 1, 2020</a></p></blockquote>
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<p>Rival Royal Dutch Shell warned on Tuesday that it expects to take a hit of up to $800m in the first quarter.</p>
<p>The price of oil has crashed in recent weeks due to the Covid-19 pandemic and a price war between Russia and Saudi Arabia, with Brent crude falling to an 18-year low on Monday.</p>
<p>BP said it expects to achieve $2.5bn in cost savings by the end of 2021 as it looks to mitigate the impact of lower prices.</p>
<p>Chief executive Bernard Looney said: <em>“We are now acting quickly and decisively to further strengthen our financial frame in response to the currently volatile and extremely challenging market conditions.</em></p>
<p><em>“I have been incredibly inspired by the response of colleagues globally to the coronavirus situation.</em></p>
<p><em>“They are taking care of each other, supporting their communities, and identifying new ways to safely drive down costs and strengthen our finances. I truly believe that our purpose is driving our actions during this crisis.</em></p>
<p><em>“That is why I am confident we will weather this storm and emerge better able to deliver our ambition – to make BP a net-zero company by 2050 or sooner and help the world achieve the same goal.”</em></p>
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