BP’s refining business sees lower margins as global oil demand stalls
BP expects a slump in refining margins to take a 400 million dollar (£306 million) to 600 million dollar (£459 million) chunk out of its third-quarter profit. The oil major said it also expects oil trading to be “weak” for the three months to the end of September, in a trading statement.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post. Here
00:07are your headlines for this morning.
00:09BP expects a slump in refining margins to take a $400 million to $600 million chunk
00:17out of its third quarter profits.
00:19BP said it also expects oil trading to be weak for three months to the end of September.
00:26BP follows Shell in reporting a drop in margins after companies refining businesses suffered
00:31a downturn in global demand across both consumer and industrial sectors. Economic slowdowns
00:39in major economies, including China, along with a growth in electric car sales have contributed
00:45to the fall.
00:46It's an update this morning from BP, which expects a slump in its refining margins to
00:51take a chunk out of its third quarter profits.
00:55My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.