BP expects producers’ cuts to keep oil prices above US$50 a barrel

LONDON: BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers’ output cuts to keep prices above US$50 a barrel this year.

BP’s annual profits slumped to their lowest level in at least a decade to US$2.59bil, while fourth-quarter profit missed analysts’ forecasts hit by US$328mil in one-off charges.