
BP plunged into a net loss of $16.8 billion in the second quarter, the British oil giant announced Tuesday, as the coronavirus pandemic ravaged demand for oil, sending prices tumbling.
“The ongoing severe impacts of the COVID-19 pandemic continue to create a volatile and challenging trading environment,” BP said in its earnings statement, adding that “the outlook for commodity prices and product demand remains challenging and uncertain.”
For all the latest coronavirus updates, visit our dedicated page.
Oil prices have recovered to almost $43 a barrel from a 21-year low below $16 in April.
However, fears of a second wave of coronavirus are weighing heavily on the market and OPEC+ said in documents seen by Reuters that "a second strong wave" could deepen the hit to demand to 11 million bpd this year.
For all the latest headlines follow our Google News channel online or via the app
Read more:
Oil dips near $40 with OPEC+ starting to unwind output cuts
Syria says US oil firm signed deal with Kurdish-led SDF
Russia slightly raises oil output ahead of planned OPEC+ tapering
Also Read
-
Oil major BP to write off billions of dollars as coronavirus slashes crude demand
-
Libya’s NOC says initial El Feel oil output 12,000 bpd, full capacity in 14 days
-
Energy giant BP announces 10,000 staff cut amid coronavirus pandemic.
-
Russia’s Novak says oil market may see 3-5 million bpd shortage in July: Reports