BP reports 50% less profit
As reported by Bloomberg, British Petroleum recorded over 50% lower profit in 2016 when compared to the previous year. Profits achieved by oil and gas production rose with higher crude prices, but were offset by reduced earnings from refining and trading (similar issues was reported by Shell). This was helped by a partial shutdown of BP's largest rafinery - Whiting. Source: Bloomberg #oil #BP #Shell
BP forecasts surplus supplies for oil
In its Energy Outlook 2035 report, BP forecasted a future of slowing demand growth and abundant supply for oil. Growing population and increase in income will foster energy demand growth. Fossil fuels should continue to dominate the energy mix, but a shift towards lower-carbon fuels is set to occur. Oil and coal shares are set for a decline, while renewable energy and gas are predicted to record notable growth. BP sees gas as destined to overtake coal to become the second lar
