Today BP posted profits of £6.2bn for its most recent quarter – more than doubling its earnings.

This hefty spike is due to the rocketing prices the oil market experienced over the summer, with oil trading at a record $147-per-barrel. The price of oil has since slumped to around $62, prompting the cartel OPEC to slash production in a move to stabilise prices.

BP’s chief executive Tony Hayward has warned that more difficult times lie ahead but that the company is well prepared, The BBC reports ::

BP chief executive Tony Hayward said that oil prices could decline further as the world enters a recession.

“I believe that BP is well-positioned to cope with such volatility,” he said.

“We think the current turmoil may in fact create opportunities for us and we will look at those very closely.”