January 14, 2025 [Reuters]- BP said on Tuesday that lower refining margins would reduce its fourth-quarter profit by $100 million to $300 million (€97.47 million to €292.40 million), also expecting oil trading to be weak.
Global demand for gasoline and diesel fell short of expectations, while the launch of new oil refineries in Asia and Africa led to a supply glut.
BP said achievements at its oil production and operations unit are expected to have an impact of around $200 million to $400 million compared with the previous quarter.
The British major also expects upstream production to be lower in the quarter than in the previous three months.
Free Trial: Access 13,300 Tank Terminal and Production Facilities
13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data