One of the world’s biggest oil companies BP announced on Tuesday a second-quarter replacement cost loss of $6.3 billion. Oil prices have fallen significantly in the past year, and on Monday crude oil futures hit a four-month low, proving that the rout is far from over.

“In the past few weeks oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran. I am confident that positioning BP for a period of weaker prices is the right course to take, and will serve the company well for the future,” Bob Dudley, chief executive of BP said.