TNK-BP’s profits have fallen by 56.5% to $2 billion in the first six months of the year with demand tumbling. Second quarter profits for the company did rise by 69% on the previous three months. ‘We are in turbulent times, volatile and uncertain’ says BP’s CEO, and ‘we expect the recovery to be long and drawn out’. At Vladimir Putin’s meeting with GDF Suez, the Prime Minister said that the government would be happy to receive further investment from French companies in the area of power and gas liquefaction. The price of gasoline increased by 8.8% over the course of June; oil companies argue that high taxes are causing them to suffer. Shell looks set to cut up to 25% of senior management across the globe as part of a restructuring initiative. The Telegraph reports on Prince Andrew’s meeting with the Turkmen President in which he pledged that ‘substantial support’ would be given to the Central Asian state to help it pump gas to Europe, with Britain looking for an alternative supplier as North Sea oil fields empty. The US and Canada are set for a joint Arctic exploration mission, reports the Washington Post.