Feb 6, 2024
BP profits plunge as oil prices ease
Energy giant BP has reported a sharp drop in profits after oil prices fell last year. Energy firms reported huge gains when oil and gas prices soared in the aftermath of Russia's invasion of Ukraine because of fears over supplies. BP's board said Mr Looney had committed "Serious misconduct", resulting in him forfeiting up to £32.4m. Gas and electricity prices started to climb when Covid lockdowns ended, but jumped in March 2022 when Russia launched its assault on Ukraine. The price of benchmark Brent crude oil reached nearly $128 a barrel soon after the invasion, but it now stands just below $80. There had been fears that oil prices might surge as a result of attacks on shipping in the Red Sea by Houthi rebels, but so far they have been little-changed. It is the quickest sea route between Asia and Europe and is particularly important in the transportation of oil and liquefied natural gas.
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