COPENHAGEN, May 9 (Reuters) – Denmark’s Maersk Oil will lower 40 jobs in Copenhagen, Aberdeen and Stavanger as a result of low oil worth, it stated on Monday.

Maersk Oil, a unit of conglomerate A.P. Moller-Maersk , stated regardless of important value cuts previously 18 months, the oil worth within the first quarter of 2016 continued to place strain on earnings and led to a small loss within the quarter.

Maersk Oil has round 4,000 workers.

“We must continue to balance the realities of the tough market conditions with the growth agenda for Maersk Oil,” Chief Executive Jakob Thomasen stated within the assertion.

Maersk Oil stated the 40 jobs can be lower in its Growth division on account of decrease exploration exercise and it comes on high of efforts to cut back prices by 20 p.c throughout the enterprise by finish of 2016. (Reporting by Ole Mikkelsen; modifying by Susan Thomas)

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