BP reports third quarter results on Tuesday and Shell on Thursday when faltering oil demand is expected to hit earnings. BP and Shell are next week expected to post lower third-quarter profits than in 2023 against a backdrop of weak oil prices and faltering demand. The energy giants warned of a slump in profit margins at their oil refining businesses – major parts of the firms' overall income streams – earlier this month. The slide in margins comes partly as a result of a more general downturn in global demand for oil recently, across consumer and industrial sectors. Brent crude prices remain about 10% down since the start of 2024. That is despite escalating tensions in the Middle East and fears over how conflict could impact energy sites in the region, which pushed prices up a little in recent weeks.