By Marcus Leach

High oil prices offset lower production as BP recorded profits of $5.3 billion (£3.2 billion) in the three months to the end of June.

These figures back up the opening quarter, where the company recorded profits of $5.5 billion.

This is in stark contrast to 2010, when the firm were forced to pay out large sums of money in relation to the oil spill in the Gulf of Mexico - this alone has seen $6.8 billion paid out in damages.

Due to the suspension of drilling in the Gulf of Mexico oil production for BP was down 11%, however the higher price of oil offset the lower production.

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