BP posts £2.7bn profits
By Sarah Wood | 31st October 2023
Energy giant BP has reported profits of $3.3bn (£2.7bn) between July and September.
The figure is actually lower than expected profits of $4bn (£3.28bn), despite global oil prices rising again, as reported by the BBC.
Earnings were down from $8.1bn in the same period in 2022, when the company made huge profits following Russia's invasion of Ukraine.
Oil prices are currently lower than 2022 but have risen again recently.
BP's earnings were up from $2.6bn (£2.13bn) in the previous quarter.
It said the rise in profits from earlier this year was due to higher oil refining margins and increased gas and oil production. But it said earnings on oil were "partly offset by weak gas marketing and trading".
The World Bank has warned oil prices could rise to more than $150 a barrel if the current conflict in the Middle East continues, potentially driving big rises in energy and food prices.
Today (October 31), the price was $86 a barrel.
BP and other oil giants currently pay 35% windfall tax on UK profits - due to benefiting financially from something they weren't responsible for - in this case, a big rise in oil prices following Russia's invasion of Ukraine.
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