Oil and gas giant BP has issued a profit warning ahead of the release of its third-quarter (Q3) results, after announcing weaker margins at its refineries as demand for fuel slows.

The slowdown is likely to impact the results by up to $600m (£459.36m), the UK company said on Friday. The company said its Q2 net income was more than $2.8bn.

Just a few days ago, BP’s head, Murray Auchincloss, signalled that the oil major would pull away from its promise to cut oil and gas output by 40% while rapidly growing renewables by 2030, to regain the confidence of investors.

BP’s stock has fallen by more than 10% this year, performing much worse that its immediate rivals. It will reveal its official Q3 results at the end of October.

In June, the company reportedly initiated a hiring freeze and suspended offshore wind projects, according to sources at the company at the time.