BP to take up to $17.5bn hit on coronavirus'Potential for weaker demand for energy'LONDON - British energy giant BP said Monday that it will take a hit of up to $17.5 billion in the second quarter as "sustained" coronavirus fallout ravages global oil demand. BP also cut its long-term oil price forecast after the deadly virus outbreak slammed the brakes on the global economy and hurt oil prices this year. The group continued: "BP has revised its long-term price assumptions, lowering them and extending the period covered to 2050. BP Chief Executive Bernard Looney warned that the COVID-19 pandemic "increasingly looks as if it will have an enduring economic impact". And it warned that oil prices had plunged well below the level which the group needed to turn a profit.

Source: Bangkok Post June 15, 2020 07:18 UTC