BP sees continued headwinds from COVID-19 related oil demand impacts in early 2021 but said it is making progress in cutting costs and debt as it pivots to becoming an integrated energy major and shrinking its oil and gas production. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Reporting a small adjusted profit of $115 million for the fourth quarter of 2020, BP said it expects further pain in its downstream business as a result of the pandemic, after a year that saw its retail fuel sales slump 14% overall and refining margins briefly turn negative. It said January retail volumes were down by around 20% year on year, compared with a decline of 11% in the fourth quarter. “In the first quarter of 2021 […]