BP reports stronger than expected profits

Oil and gas giant BP has reported stronger than expected profits for the first three months of the year.

It posted profits of $5bn (£4bn), which was down from $6.2bn in the same period last year but more than the $4.3bn that had been forecast by analysts.

Bumper profits from energy firms have led to calls for them to pay more tax with households facing high bills.

BP has also faced criticism after it cut back its target to reduce emissions by the end of the decade.

In February, BP reported record profits for 2022 as the company - along with the rest of the energy sector - benefitted from the surge in oil and gas prices following Russia's invasion of Ukraine.

It has led to big profits for energy companies, but also fuelled a rise in energy bills for households and businesses.

Last year, the UK government introduced a windfall tax on profits made from extracting UK oil and gas - called the Energy Profits Levy - to help fund its scheme to lower gas and electricity bills.

Wholesale gas prices have started to fall, which should be mean household bills start to come down this summer.

Meanwhile the price of Brent crude oil - which reached nearly $128 a barrel following the invasion - has fallen back to about $80.