British energy giant BP said Tuesday that its third quarter net profit fell 34 percent from a year earlier to 5.34 billion dollars, hit by falling product prices and tighter refinery margins.

The company said sales fell 37 percent to 67.9 billion dollars even as total production rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

Net profit excluding stocks tumbled 50 percent from a year earlier to 4.98 billion euros.