BP Expects Second-Quarter Oil Trading Gains to Continue as Upstream Output Declines

BP said it expected its oil trading business to continue growing in the second quarter, while upstream oil and gas production would be lower than in the first quarter. According to Jin10, the company said it was still dealing with the impact of market volatility as the conflict involving Iran continued to disrupt global energy markets. BP said it expected second-quarter performance in its oil trading business to be slightly better than in the first quarter from January to March. The company said it expected average daily upstream production in the second quarter to be between 2.17 million and 2.22 million barrels of oil equivalent, down from 2.34 million barrels of oil equivalent in the first quarter. BP said the decline in upstream output was mainly due to seasonal maintenance and disruptions linked to the situation in the Middle East.