BP earns small profit as Covid-19 still weighs on world economy                      

Oil giant BP recorded a small profit from its third quarter of business in 2020.  Picture: REUTERS/Luke MacGregor/File Photo

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits.

The London-based company said that while fuel demand in Asia, particularly in China, was recovering, global consumption remained weak so far in the fourth quarter. BP’s shares are down more than 50% this year and remain near 25-year lows, battered by weak oil prices and investor concerns about BP’s ability to successfully shift to renewable energy from fossil fuels.