BP Reports Mixed Q1 Financials; Expects Tightening Oil Supply As Prices Sag To $75

Source: investors.com investors.com

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BP (BP) reported mixed first-quarter earnings Tuesday, narrowly missing revenue estimates. However, the U.K.-based energy giant predicted oil supply will tighten in the second quarter even as the direction of oil prices in 2023 remains uncertain. X When OPEC+, the oil cartel bolstered by allies such as Russia, announced a surprise oil production cut in early April, oil prices spiked to five-month highs. From there, it was unclear which way oil would go. Some analysts predicted a recession would sap pricing strength. Others forecast strong oil demand and increased prices. BP earnings follow reports from U.S. oil majors Chevron (CVX)...