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BP reports $5.7bn loss as Covid-19 pandemic hits oil demand
Company was forced to write off the value of its oil and gas assets by $6.5bn last year
BP reported an annual loss for the first time in a decade after a “brutal” year in which the Covid-19 pandemic took its toll on the global oil industry.
The oil company reported an underlying loss of $5.7bn (£4.2bn) for last year, compared with a profit of almost $10bn in 2019, after the pandemic cut demand for transport fuels, and caused oil prices on the global market to tumble.
Read the original article at The Guardian