BP To Cut Oil Production By 40% Over the Decade

BP, one of the world’s largest oil companies, announced August 4, 2020 that it would cut its oil and gas production 40% and increase its renewable electric power output twenty-fold within the next ten years. It also expects to direct a third of its capital spending — $5 billion to $7 billion — toward low-carbon energy. This development is expected to put pressure on other oil industry companies to explain how they will meet greenhouse gas targets.

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