BP prepares deeper spending cuts as profits fall 80%

Oil prices touched a near-13-year low in the first quarter of 2016 contributing to a sharp fall in BP's profits over the period

BP has said it is prepared to slash capital spending if oil prices continue to slide, as the company announced an 80% fall in profits.

The oil and gas company said it had already cut spending in the first quarter of the year, and expected to spend a total of $17bn (11.7bn) in 2016. However, this could be cut to $15bn "in the event of continued low oil prices".