BRITISH oil giant BP announced 4,700 job losses today — slashing more than 5 per cent of its global workforce.

The company confirmed the job cuts in an email to staff, saying that about 3,000 contractor positions would also be axed this year.

It has not said how many roles will be affected in each country, but the cuts are understood to focus on office and backroom staff.

BP declined to give a breakdown of where the axe will fall, but a spokesman pointed out that the firm employs about 14,000 people in Britain, of which some 6,000 are in retail.

Chief executive Murray Auchincloss, who last year announced his intention to simplify the business, is understood to have set a cost reduction target of £1.6 billion by the end of 2026.

In an email to staff, he said: “We have got more we need to do through this year, next year and beyond, but we are making strong progress as we position BP to grow as a simpler, more focused, higher-value company.”