business / news / / The Guardian
Energy traders are navigating significant market volatility after Tehran’s effective closure of the key strait of Hormuz shipping route.
BP expects 'exceptional' oil trading earnings due to volatility from the US-Israeli war on Iran.
KEY POINTS
- The International Energy Agency now forecasts a global oil demand decline of 80,000 barrels per day in 2024.
- Global oil supply dropped by over 10 million barrels per day in March, the largest disruption in history.
- BP's refining margins rose to $16.9 a barrel in Q1, boosting refined product earnings by up to $200 million.
- BP's new CEO Meg O’Neill will continue shifting focus from low-carbon projects to oil and gas for profitability.
COMPANIES
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