BP has announced a significant increase in quarterly profits, reporting $5.73bn (£4.26bn) for the period between April and June. This figure represents more than double the $2.35bn recorded during the same timeframe last year and marks the company's strongest quarterly performance since the onset of the Russia-Ukraine war in 2022.
The surge in earnings is largely attributed to rising crude oil prices, which have been fueled by supply disruptions in the Strait of Hormuz following the outbreak of war in the Middle East. According to BP, the global benchmark for oil, Brent crude, averaged $103.85 per barrel during the quarter, a substantial increase from the $67.88 average seen in the previous year.
The financial results have drawn criticism from advocacy groups. Greenpeace representative Angharad Hopkinson argued that the gains are disconnected from the public interest, while Simon Francis of the End Fuel Poverty Coalition suggested that windfall tax revenues should be utilized to address household energy debt rather than providing further tax incentives to the industry.
In the United States, President Donald Trump recently commented on the high earnings of major oil firms, suggesting that companies like ExxonMobil and Chevron should lower consumer prices. Meanwhile, BP is shifting its strategic focus under CEO Meg O'Neill, who stated the company is prioritizing assets that offer the strongest competitive returns. This shift includes the planned sale of its US renewable natural gas business, Archaea, and the previously announced divestment of its North Sea operations.
Source: BBC News
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