BP bets on oil price to boost dividend payouts      

The oil majors are raising returns as they express confidence that the worst of the slump caused by the coronavirus pandemic is over

BP will increase its dividend by 4% and buy back $1.4bn (€1.17bn) of stock in the third quarter.

BP followed its Big Oil peers by increasing dividends and share buybacks as higher crude prices boosted profit.

The oil majors — with the notable exception of Exxon Mobil — are raising returns as they express confidence that the worst of the slump caused by the coronavirus pandemic is over.