Oil giant BP reports $16.8 billion quarterly loss

BP logo outside a petrol station in the town of Bletchley in Buckinghamshire, England. (File photo: AP Photo)

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.”

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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.

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Last Update: Tuesday, 04 August 2020 KSA 10:27 - GMT 07:27
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