BP Slashes 10,000 Jobs as Oil Stocks Surge

British oil and gas giant BP (NYSE: BP) is set to cut its global headcount by about 10,000 people. In an email to employees, CEO Bernard Looney announced the job cuts, which work out to about 15% of the company's workforce. This is a reversal from the company's moratorium on job eliminations as the COVID-19 crisis hit the industry hard.

Today's announcement came out even as many oil stocks rallied, following news that the OPEC+ group of oil-producting nations had agreed to extend their record oil output cuts deal through the end of July.

Image source: Getty Images.

Source Fool.com