BP profits set to soar

BP has reported a profits rise of 29% to $5.49bn (£3.1bn). The company released figures showing the price of the price of oil averaged $51.63 a barrel - more than 8% higher than in the first three months of the year.

As the price of oil is expected to rise, BP's profits will be even greater. In Oct 2004, BP said profits would rise by about £318m for every $1 increase in the price of Brent crude.

The chief executive of BP, Lord Browne of Madingley, picked up £3.7m (US$6.49m) in pay and bonuses for 2004 when the record cost of crude oil sent profits rocketing to £8.7bn (US$15bn)