Oil giant BP (LON:BP) has announced plans to cut at least 4,000 jobs, as oil prices continue to fall and major oil companies struggle to stay afloat.

All companies are striving to cut costs, as the price of oil continues to tank and an OPEC agreement on output continues to look unlikely.

A spokesperson for BP said: “We want to simplify structure and reduce costs without compromising safety. Globally, we expect the headcount in upstream to be below 20,000 by the end of the year.”

The North Sea division wills see 600 jobs cut over the next two years, beginning in 2016.

BP are currently trading up 1.12 percent at 331.95 pence per share (1223GMT).