Third quarter report released by BP has revealed profit figures which are less than half of what they were during the same time last year. In contrast to figures reported between July and September 2008, which stood firm at $10 Billion, 2009's numbers in three months up-to September have been revealed as $4.98 Billion (?3 Billion).

The biggest factor, which analysts believe is responsible for the tumbling profits, is rising oil prices. In recent months, the price of oil has surged to nearly $80 per barrel. "The key elements in the decline are a materially lower oil price and even more striking year-on-year decline in US natural gas prices", Alan Sinclair, an analyst at Seymour Pierce, said.

All was not bleak, as the firm did manage to surpass the analysts' expectations after making strict budget cuts, and the news of better than expected results managed to pump BP shares in the London Stock Exchange by 5%.

Despite some disappointing figures, BP is positive of a more profitable coming quarter. As soon as the oil prices stabilize, one the top ranked oil companies in the world is expected to jump back to profits.