BP on target to beat last year’s £8.7bn record profit

BP is on track for more record profits as its production increased while crude prices soared during the first quarter. Oil a fresh high yesterday at $58.28 a barrel in New York.

Britain’s biggest company raised output from 4m to 4.1m barrels of oil equivalents a day in the three months to March 31 putting it on track to meet its 2005 target.