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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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BP : Oil demand growth to slow to below 1 million bpd in 2019 - BP

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09/04/2019 | 10:56am EDT
FILE PHOTO: The BP logo is pictured on a pump at a petrol station on the outskirts of Mexico City, Mexico

ABERDEEN, Scotland (Reuters) - Global oil demand is expected to grow by less than 1 million barrels per day (bpd) in 2019 as consumption slows, BP Chief Financial Officer Brian Gilvary told Reuters on Wednesday.

Mounting trade tensions between the United States and China and increased signs of a global economic slowdown are also set to weigh on oil refining margins, which BP expects will soften in the fourth quarter of the year, Gilvary said.

Oil demand expanded by 1.3 million bpd in 2018 to nearly 100 million bpd, the International Energy Agency says.

"The macro level is creating huge uncertainty and there is no question that is flowing through to demand," Gilvary said in an interview on the sidelines of the Offshore Europe conference in Aberdeen, Scotland.

Global oil inventories have again risen above their recent average, softening the impact of geopolitical tensions in the Middle East, Gilvary added.

"There is a lot of dynamic going on around demand, generally, which started off fairly robust at the start of the year, softened through the mid point. We were seeing a little bit of a pick-up around our results ... but that seems to have softened off again," Gilvary said.

A change in marine fuel standards starting in 2020 has yet to affect refining margins, he added.

(Reporting by Shadia Nasralla, writing by Ron Bousso; Editing by Dale Hudson and David Evans)

By Shadia Nasralla

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Financials (USD)
Sales 2019 281 B
EBIT 2019 20 561 M
Net income 2019 9 952 M
Debt 2019 48 056 M
Yield 2019 7,91%
P/E ratio 2019 10,4x
P/E ratio 2020 8,97x
EV / Sales2019 0,54x
EV / Sales2020 0,49x
Capitalization 104 B
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Number of Analysts 25
Average target price 7,62  $
Last Close Price 5,17  $
Spread / Highest target 90,4%
Spread / Average Target 47,3%
Spread / Lowest Target 17,9%
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Managers
NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Helge Lund Chairman
Andy Hopwood Group COO, Executive VP-Strategy & Regions
Brian Gilvary Group Chief Financial Officer & Executive Director
David Eyton Group Head-Technology
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