By Christian Moess Laursen

BP reported an on-quarter rise in profits in the third quarter of the year, driven by high refining margins, strong oil trading and higher oil and gas production. Here is what the British energy giant had to say.

On oil:

"BP expects oil prices to be supported by OPEC+ production restrictions and the continued demand rebound."

"BP expects industry refining margins to be significantly lower than the third quarter."

On gas:

"European gas and Asian [liquefied natural gas] prices will be driven by weather, demand recovery in Europe and China and ongoing geopolitical tension."

"In the U.S., weather is also a risk factor, but higher than normal storage levels and higher production should help to dampen volatility."

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

October 31, 2023 03:58 ET (07:58 GMT)

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