Oil and gas company could take hit of up to $17.5bn from write-offs
BP has told shareholders that it could write down the value of its assets by up to $17.5bn (£14bn) as it reduced its long-term forecast for oil prices and warned that the Covid-19 pandemic would have a lasting impact on the global economy.
The energy giant slashed its forecast for Brent crude oil prices to $55 a barrel from $75 a barrel and said the coronavirus crisis would speed up the shift to a lower-carbon economy.
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