BP has reported a fall in profits in the third quarter of this year.

It fell from $3 billion (£1.94bn) in the same period last year  to $1.8 billion (£1.16bn) this year.

The result shows the impact of “sharply lower oil and gas prices”, it claims.

It also shows the benefits of “a continuing strong downstream environment and performance and steadily lower cash costs”.

Chief Executive Bob Dudley said: “Last year, we acted decisively to reset BP for a sustained period of lower oil prices and the results are coming through well.

“We are now in action to rebalance our financial framework in this new price environment.”