UBS confirms its Buy recommendation on the share, with a target price of 600 pence, representing potential upside of 18%.

' We are reducing our first-quarter net profit estimate by 9% to reflect lower currency costs and fuel margins. Our figure is now 4% below the Alpha Value consensus' says UBS.

bp said yesterday that it expected first-quarter production to rise, as well as an improvement in its refining margin

The British oil giant said that production from its upstream businesses should be higher in the first three months of the year than in the fourth quarter of 2023.

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