BP said a drop in refining margins would reduce its third-quarter profit by $400 million to $600 million from the previous three months.

BP’s refining business sees lower margins as global oil demand stalls - Both Shell and Exxon Mobil have also warned that lower refining margins will hit profits for the third quarter of the year.

BP warned that weaker refining margins will hit third-quarter earnings by $400 million to $600 million as lower oil prices continue to weigh on the energy sector.