BP and Shell are expected to post lower third-quarter profits than in 2023 against a backdrop of weak oil prices and faltering demand. The energy giants warned of a slump in profit margins at their oil refining businesses – major parts of the firms’ overall income streams – earlier this month.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post. BP
00:07and Shell are expected to post lower third quarter profits than in 2023 against a backdrop
00:14of weak oil prices and faltering demand. BP and Shell warned of a slump in profit margins
00:20at their oil refining businesses earlier this month. The slide in margins comes partly as
00:26a result of a more general downturn in global demand for oil across consumer and industrial
00:32sectors. Brent crude prices remain about 10% down since the start of 2024. This is despite
00:40escalating tensions in the Middle East and fears of how conflict could impact energy
00:45sites in the region. My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire
00:51Post.