Lates News

British Petroleum (BP) said in a trading update released on Friday that its second-quarter performance will be impacted by lower prices for natural gas and oil, although upstream production is expected to exceed previous expectations. The company will release its official financial report on August 5th. The decline in oil prices in the second quarter occurred as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, gradually began to phase out voluntary production cuts of 2.17 million barrels per day starting in April. BP stated that the average oil price in the second quarter was $67.88 per barrel, lower than the previous quarter's $75.73. BP said, "The impact of lower prices in the natural gas and low-carbon energy segment compared to the previous quarter is expected to be between -$1 billion and -$3 billion." "The impact of lower prices in the oil production and operations segment compared to the previous quarter is expected to be between -$6 billion and -$8 billion." The company expects the performance in natural gas trading to be in line with the average, but did not provide specific details. Benefiting from the drive in its US onshore business, the company expects oil and gas production in the second quarter to be higher than in the first quarter (approximately 2.24 million barrels of oil equivalent per day), which was previously forecasted to be flat.