BP has warned of a looming glut of oil and gas as it prepares to cut 700 jobs. It came despite a sharp rise in oil and gas prices this year after the war in Iran choked off around a fifth of the world's supply. However, while oil prices have risen, they have not climbed by as much as analysts expected. The cuts come even as oil giants reap significant profits from elevated market prices. Bernard Looney, its former boss, pledged to cut BP's oil output by 40pc by 2030 and pumped billions into renewable energy projects.