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Russia’s Oil Output Is Plummeting, And It May Never Recover

Reuters

BP boosts buybacks on soaring energy prices after costly Russia exit

LONDON (Reuters) -BP reported its strongest operational performance in more than a decade on Tuesday on the back of rocketing oil prices that helped it step up share buybacks, even as a $24 billion writedown from exiting Russia led to a record quarterly loss. Shares in the energy firm climbed 2.8% by 1311 GMT in London trading after BP reported its highest operational profit since 2008, encouraging more calls for a windfall tax to help British households and other consumers cope with spiralling fuel bills. Soaring oil and gas prices in the wake of the Russian invasion of Ukraine on Feb. 24 helped offset losses BP incurred from abruptly abandoning its shareholdings in Russia, including its 19.75% stake in oil giant Rosneft.

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