Weak demand for gasoline and diesel around the world is weighing on refining profit margins which are however expected to improve over the summer driving season, BP CEO Murray Auchincloss said.

“The refining environment on a spot basis isn’t fabulous,” Auchincloss told Reuters after the company reported $2.8 billion in second quarter profits. “Especially in Europe, people aren’t driving much right now.”

“We’re heading into driving season as we move into July, August and September so we’d expect some of those inventories to be worked off and that should strengthen margins.”
Source: Reuters (Reporting by Ron Bousso, Editing by Louise Heavens)