International petroleum giant BP predicted yesterday that global oil prices would continue to exceed the level of $30 a barrel for the next few years
International petroleum giant BP predicted yesterday that global oil prices would continue to exceed the level of $30 a barrel for the next few years as it reported that quarterly net profits jumped 43 per cent to US$3.9bn.
The underlying profit was US$3.5bn, before exceptional items, for the third quarter of the year, the highest underlying quarterly profit the company has ever produced.
For the first nine months of the year the US$12.6bn profit is another record for the company, up 26 per cent on the period last year.
BP said that for the first time production from its new areas, such as Angola, was outweighing declining output at mature fields - even excluding the company's Russian acquisition, TNK.
