Energy

Oil-and-gas major BP has reported its weakest quarterly profits in almost four years as lower oil prices and falling refining margins continue to weigh on the energy sector. European Brent crude prices fell by more than 11% to an average $74.02/bbl in September from $83.48/bbl in February, according to U.S. Energy Information Administration figures. The London-based company made underlying profits of $2.27bn

China’s largest oil and gas company PetroChina Co. posted record operating profits for the the six months through June thanks to strong drilling output and higher oil prices, which allowed it to offset weak fuel demand domestically. Global benchmark Brent averaged more than $83 a barrel in the first half, compared with about $80 over the same period in 2023. In the