BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter.
Highlights
- BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter.
- The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year.
- Oil prices have shot up by nearly 40% since the start of 2022, with benchmark Brent crude trading well above $100 a barrel.
- The gains have been driven by fears of a global supply shock following Russia’s invasion of Ukraine.
- In response to the war, the United States, Canada, United Kingdom and Australia have banned imports of Russian oil, and the European Union could soon join them.