News Formal

BP’s refining business sees lower margins as global oil demand stalls

  • 📰 ShropshireStar
  • ⏱ Reading Time:
  • 15 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Both Shell and Exxon Mobil have also warned that lower refining margins will hit profits for the third quarter of the year.

BP expects a slump in refining margins to take a 400 million dollar to 600 million dollar chunk out of its third-quarter profit.

Economic slowdowns in major economies including China, along with a growth in electric car sales, have contributed to the fall. It comes after a period when oil prices fell significantly this year, with Brent crude futures prices tumbling by more than one-sixth during the third quarter.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 98. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exxon Proposes $10 Billion Investment in Nigeria's Deepwater OilExxonMobil has announced a $10 billion investment in Nigeria's deepwater oil operations, signaling a renewed commitment to the country's energy sector.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Exxon Warns of Oil Price Impact on Q3 EarningsExxon expects lower oil prices and refining margins to negatively impact its third-quarter earnings by up to $2 billion.
Source: OilandEnergy - 🏆 34. / 68 Read more »