BP is preparing to reduce its dividend Business

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Investors are poised for BP to cut its dividend – perhaps by as much as two-thirds – as the oil giant slumps towards one of its biggest quarterly losses.

Bernard Looney, 49, the BP lifer who took the helm in February, hung on to the £ 1.6billion quarterly dividend in the first quarter results in April – just days before his rival Shell does not ax his payment for the first time since World War II.

Markets say the Irishman is under intense pressure to cut the dividend as he runs to save his money amid an oil price rocked by the economic fallout from the coronavirus. The price of US oil briefly turned negative earlier this year due to lower demand and

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