BP has been under ongoing pressure from investors for underperforming compared to its rivals in recent years. In February, BP slashed its planned investments in renewable energy projects and said it would spend billions of dollars more a year on its oil and gas operations in a bid to improve investor confidence.

BP has made its largest oil and natural gas discovery in 25 years off the coast of Brazil, it said Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels.

BP is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares.

Oil prices slipped on Tuesday as rising OPEC+ supply and worries of weaker global demand countered concern about U.S. President Donald Trump's threats to India over its Russian oil purchases.

Russia’s proceeds from oil in the state budget shrank by a third from a year ago in July following a drop in global crude prices and the appreciation of the nation’s currency.