BP have announced their biggest ever annual loss and announced thousands of job cuts.

The British company will cut 7,000 jobs by the end of 2017 – that amounts to close to 9% of its entire workforce – Reuters reports.

BP lost $6.5bn in 2015, more than its final loss in 2010 – when the Gulf of Mexico spill saw the company lose $17.2bn in the second quarter alone.

The company’s share price dropped by 8.5% and are on course for the biggest one-day share price fall since June 2010.

BP is the latest of the major oil companies to post disappointing results, as oil prices have dropped 70% since mid-2014.