BP posts weakest quarterly profits in almost four years amid lower oil prices

BP’s quarterly profit was down about 28% year on year. Photograph: Kacper Pempel/Reuters

BP has reported its weakest quarterly profits in almost four years owing to the slump in global oil prices and falling margins in its refinery business.

The oil company revealed underlying profits of almost $2.3bn (£1.8bn) for the July to September period, its lowest quarterly result since the last three months of 2020, when Covid travel restrictions caused oil prices to crash.