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BP says it will cut some 4,000 oil exploration and production jobs worldwide by 2017. The layoffs will include both direct employees and contractors.
As yet, the company is not providing a breakdown of where or how many jobs it will eliminate from U.S. operations. It employs nearly 6,000 people in Greater Houston.
The announcement came as the price of crude oil dropped to roughly $30 a barrel in U.S. trading, its lowest level since December 2003. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide.
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