BP Faces Profit Squeeze Amid Weak Refining Margins

BP has announced that it anticipates a decrease in its third-quarter profit by $400 million to $600 million compared to the previous quarter, largely due to a drop in refining margins. The company also forecasts a weak performance in its oil trading division.

BP has revealed that its profit for the third quarter is expected to decline by $400 million to $600 million from the previous quarter, primarily due to reduced refining margins.

The British multinational oil and gas company's statement also indicated a projected weak performance in its oil trading operations.

This profit reduction signals ongoing challenges for BP amid fluctuating market conditions, which have impacted its financial outlook.

(With inputs from agencies.)