Oil giant BP has announced significant workforce reductions as part of a strategic cost-cutting initiative aimed at saving approximately £1.6 billion. The company will be laying off nearly 4,700 employees and 3,000 contractors globally, equating to more than 5% of its total workforce. This decision follows a challenging period for BP, compounded by a recent scandal involving former CEO Bernard Looney. These cuts reflect the increasing pressure on the oil sector as it grapples with rising costs and the transition towards cleaner energy sources.