Business · 14 July 2026
BP expects £740m write-down as higher oil prices lift trading outlook
BP said stronger crude prices should leave its oil trading slightly above the first quarter, but it expects a 1 billion dollar (£740 million) write-down in its transition businesses. The FTSE 100 oil company also expects production to fall to 2.17-2.22 million barrels a day because of maintenance and disruption in the Middle East. Shares rose 3% as Brent crude climbed above 86 dollars a barrel.
Reported by Evening Standard · How we write briefs