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BP profits dive 66% as coronavirus hits oil demand

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BP’s first quarter benefit has dived by means of two thirds after the worldwide coronavirus disaster hit demand for oil.

The oil large warned it used to be dealing with an “exceptional level of uncertainty” within the close to time period after a pointy relief in want for its merchandise.

Lockdowns around the globe were maintaining folks within, lowering demand for oil.

For the primary time in historical past closing week US oil costs grew to become damaging ahead of emerging once more.

BP mentioned that first quarter underlying alternative value benefit, its definition of web source of revenue, used to be $800m (£645m) within the first 3 months of 2020 – down from $2.4bn a 12 months previous.

New leader government Bernard Looney mentioned: “Our trade has been hit by means of provide and demand shocks on a scale by no means noticed ahead of, however this is no excuse to show inward.

“We are focusing our efforts on protective our folks, supporting our communities and strengthening our funds.

“We are determined to perform with purpose and remain committed to delivering our net zero [emissions by 2050] ambition.”

It comes as oil costs stay depressed. The global benchmark Brent crude recently prices about $19 a barrel, down from round $70 in early January.

US oil is buying and selling at simply $11 a barrel.

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