Apr 28, 2020

BP profits dive 66% as coronavirus hits oil demand

BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "Exceptional level of uncertainty" in the near term after a sharp reduction in need for its products. Lockdowns around the world have been keeping people inside, reducing demand for oil. For the first time in history last week US oil prices turned negative before rising again. BP said that first quarter underlying replacement cost profit, its definition of net income, was $800m in the first three months of 2020 - down from $2.4bn a year earlier.

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