FX.co ★ Cheap oil to threaten big BP projects

The Sunday Times reported BP could freeze several projects as it grapples with the plummeting oil price, citing BP’s chief financial officer Brian Gilvary.
According to the finance director, sinking oil price does not affect long-term prized projects. However, some plans could be delayed or even cancelled unless oil prices fall below $70 a barrel.
“We have a lot of flexibility to deal with a sustained period of lower oil prices,” the executive said.
In the interview, Brian Gilvary mentioned that the British oil giant is planning to axe middle managers.