BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

The energy multinational faced anger from green groups over reports it wants to ditch its 2030 pledge to reduce oil and gas output to improve profits.

BP said Monday it will drop a pledge to cut its oil production 25% by 2030. Critics slammed the move, but should not be surprised by it.