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BP BP-N is paying more tax as it is making more profit, its U.K. head Louise Kingham told the Reuters Energy Transition Europe 2022 event on Wednesday. “It’s right that (the government) should think about how they protect the most vulnerable and taxation is not for companies to determine,” Kingham said. “I think when companies make more profits, they expect to pay more taxes, and that’s exactly what we are doing,” she added. British finance minister Jeremy Hunt is considering increasing a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country’s public finances, sources said on Saturday. Hunt is due to announce his new budget plan on Thursday “Taxes that we will pay here in the U.K. will be about two and a half billion dollars, all told, with the (existing) additional levy,” Kingham added, referring to the 25 per cent windfall tax, or Energy Profits Levy, approved by British lawmakers for oil and gas producers in the...

Oil tanks at the Volodarskaya LPDS production facility, in the Russian village of Konstantinovo, on June 8. MAXIM SHEMETOV/Reuters The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation. Front-month global oil prices in the last week have traded weaker than future-dated contracts, while prices for physical crude grades throughout the world have declined, market participants said. “Differentials are confirming what outright prices have been implying – there is a demand deficit and/or supply surplus,” said Tamas Varga of oil broker PVM. The murkier environment comes at a fraught time for the market. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with...