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World Business Report: First broadcast 01/11/2022 15:32 GMT : The oil and gas industry face more aggressive taxation

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The oil and gas industry face more aggressive taxation

First broadcast 01/11/2022 15:32 GMT 

First broadcast 01/11/2022 15:32 GMT : The oil and gas industry face more aggressive taxation

BBC World Service - World Business Report, The oil and gas industry face more aggressive taxation

The oil giant BP has reported global profits of about 7 billion pounds.

The oil giant BP has reported global profits of about 7 billion pounds - between July and September this year. The figure is more than double for the same period last year.

Oil giant BP made $8.2 billion between July and September, more than double its profit for the same period last year.

Surging oil and gas prices have led to big gains for energy firms but are also fuelling a rise in the cost of living.

BP expects to pay $800m in UK windfall taxes this year while rival Shell recently said it will pay none. Cornelia Meyer, an economist, independent analyst and the CEO of business consultancy MRL, joined us from Saudi Arabia to talk us through the disadvantages of windfall taxes.

Meanwhile, another important oil producer: Russia. The war in Ukraine has had a huge impact on its ability to sell oil on the global market. 
December 5 is a date for your diaries - that is when some Western countries want to put a price cap on Russian oil. Mikhail Krutihin, a Russian oil and gas analyst, explained why BP hasn't sold its shares in Rosneft yet. 

Also in the programme, we will talk about the Hang Sen index in Hong Kong, one of the world's largest stock exchanges. It rose by more than 5 percent on Tuesday. Rebecca Choong Wilkins from Bloomberg explained what happened today on the market. 

(Picture credit: Getty Images - Colour gasoline, diesel, pumps)

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First broadcast 01/11/2022 15:32 GMT : The oil and gas industry face more aggressive taxation

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