Commodities Buzz: BP Expects Oil Prices To Remain Elevated In Third Quarter

2 Aug 2022 , 04:18 PM

Energy giant British Petroleum or BP2 reported a 4% year-on-year increase in overall output to 2.2 million b/d of oil equivalent, comprising a 7% increase in gas production to 1.15 million boe/d, while oil output remained flat at 1.05 million b/d. Its oil output increased in the North Sea and the US, including shale, while declining elsewhere. BP expects oil prices to remain elevated in the third quarter due to ongoing disruption to Russian supply, reduced levels of spare capacity and with inventory levels significantly below the five year average, the company said in its earnings statementPowered by Commodity Insights