BP records first loss in a decade

Chief executive says transition to greener future remains on track

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BP recorded its first loss in a decade last year – of €4.74 billion – as the Covid-19 pandemic hit oil demand, during a time of widespread travel restrictions.

However, chief executive Bernard Looney is reported by Reuters to be confident that the group’s transition to a greener, more environmentally friendly position remain on track. According to The Irish Times, BP is aiming to increase its renewable power generation to 50 gigawatts (GW) by 2030 from 3.3 GW currently, while also drastically reducing oil output to lower greenhouse gas emissions.

“We expect renewed Covid-19 restrictions to have a greater impact on product demand, with January retail volumes down by around 20% year on year, compared with a decline of 11% in the fourth quarter.”

However, he expects oil demand to recover in 2021, with global inventories expected to return to their five-year average by the middle of the year.

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