Former BP boss: 'It takes time for supply to stabilise'

Shell has confirmed the loss of 10,000 jobs and a sharp fall in its annual profits. The company had already warned that thousands of jobs would go as a result of its proposed takeover of BG.

Earlier in the week rival oil giant, BP, announced a profits slump of 51% to $5.9bn for 2015 and a further 3,000 job cuts.

BP's former chief executive, Lord Browne of Madingley, told the BBC what past experience teaches us about supply and demand for oil.