BP announces record annual profits of £23bn

BP’s profits more than doubled in 2023 amid a spike in fuel prices during the Russian invasion of Ukraine.

Accounts published on Tuesday, 7 February, showed that the oil and gas giant recorded profits of $27.7bn (£23bn) last year, compared with $12.8bn the year before.

The firm’s profits were helped by the “lowest production costs in 16 years.”

It comes as people in the UK continue to face a cost of living crisis. Energy poverty charity National Energy Action estimates that 6.7 million UK households are living in fuel poverty as of November 2022.

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