BP returns to profit but pandemic weighs on demand

BP returned to profit in the third quarter, but the global coronavirus crisis continued to hit demand for oil.

BP said underlying replacement cost profit, its definition of net income, was $86m (£66m) from July to September.

That was down from $2.2bn a year earlier, but a big improvement on its massive second-quarter loss of $6.7bn.

Chief executive Bernard Looney said that despite a “challenging environment”, the firm was “performing while transforming”.

In February, BP said it planned to sharply cut carbon emissions by 2050.

In June, it announced plans to cut 10,000 jobs after a slump in demand for oil due to Covid-19.

It also forecast lower oil prices for decades to come as governments speed up plans to cut carbon emissions in the wake of the coronavirus crisis.