BP’s oil production dropped 5% year on year in the first quarter and it forecast Tuesday a further fall in output in the current quarter, despite a recent surge in hydrocarbons production driven by gas projects. * US Whiting refinery boosts downstream margins * Output from delayed UK Clair Ridge oil project still to start * Highest hydrocarbon production since Q4 2010 Excluding its stake in Rosneft, the major reported its highest upstream production since Q4 2010 in its quarterly results statement at 2.61 million b/d of oil equivalent, a 9% rise from a year earlier, and close to rival Total’s output. Its pre-tax profit in the upstream segment more than doubled to $3.18 billion, excluding the effect of inventory changes. It also recorded its highest ever upstream reliability metric at 96%. BP’s upstream oil production fell to 1.32 million b/d, as predicted in its previous results statement, where […]