BP has released its third quarter 2014 results to reveal that profits shrunk to $1,290mln compared to $3,369mln in the second quarter and $3,504mln during the same period last year, according to RIA Novosti.

The company explains it by the slump in world oil prices, as Brent crude prices dropped 25% over the past four months, amid increasing oil production in OPEC countries.

Goldman Sachs recently forecast that the price of Brent crude, currently $85 per barrel, would fall to $75 initially before recovering slightly to $80 by the middle of next year.

The oil giant, which is a big investor in Russia via its 20% stake in Rosneft, said the depreciation of the ruble against the dollar has also dragged profits down.

On Friday, Oct 24, the Russian currency hit a new low against the U.S. dollar, reaching an all-time low of RUB 42/USD 1.

Despite the fall in profits, the company remains upbeat about its performance, and hopes that its growing underlying production of oil and gas and good downstream [oil refining] performance, which generated strong cash flow in the third quarter, will keep them on track to hit their targets in 2014.