BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "exceptional level of uncertainty" in the near term after a sharp reduction in need for its products. New chief executive Bernard Looney said: "Our industry has been hit by supply and demand shocks on a scale never seen before, but that is no excuse to turn inward. Lockdowns around the world have been keeping people inside, slashing demand for oil. For the first time in history last week US oil prices turned negative before rising again. BP said that underlying replacement cost profit, its definition of net income, was $800m (£645m) in the first three months of 2020 - down from $2.4bn a year earlier. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices