Oil prices surge as BP’s oil trading business delivers “exceptional” results
Golden Ten Data, April 14 — According to the Financial Times, BP stated that following the surge in crude oil prices caused by the Iran conflict, its oil trading division achieved “extraordinary” results in the first quarter. The energy supply crisis triggered by the war has forced traders and refineries to search for available cargoes to fill the significant gaps in energy supplies stranded in the Gulf region due to the conflict. Last week, the price of North Sea spot oil reached an all-time high, nearing $147 per barrel. In a trading update released ahead of its April 28 earnings announcement, BP also revealed that its net debt in the first quarter would increase by about $3 billion to $5 billion due to an expanded working capital facility — funds needed for daily operations. This move aims to ensure the company has sufficient reserves to withstand current market volatility. Last week, Shell also said it expects the conflict to deliver significant growth for its trading business.
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