BP has announced plans to cut another 3000 jobs after suffering its biggest annual loss in 20 years.

The energy giant slumped into the red by $5.2bn in 2015 following a devastating drop in the value of oil.

BP plans to shed 3000 jobs worldwide by the end of 2017 on top of previously announced plans to cut 4000 posts.

The latest round of job losses is unlikely to affect the North Sea.

BP group chief executive Bob Dudley said: "We are continuing to move rapidly to adapt and rebalance BP for the changing environment."

The company's shares dived 8% on Tuesday and the price of oil fell to $30.55 after climbing for nearly two weeks.

BP's latest cuts take the total number of jobs lost at the company to 11,000 since the start of 2015. Experts believe more than 65,000 people have lost their jobs across the industry since the downturn began in January 2014.