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Replacement cost profit at the petroleum firm dropped 53 per cent in the three months to the end of June, falling to $3.14 billion (£1.89 billion) from the $6.74 billion it recorded during the same period in 2008.
Chief executive Tony Hayward noted that the economic recovery is likely to be "long and drawn out", adding that there is "little evidence" that oil demand will pick up in the coming months.
"We will continue to push efficiencies into the group and make sure every dollar counts," he stated.
The decline means half-year profits at BP have slipped 57 per cent, dropping to $5.5 billion.
Oil is currently priced at between $60 and $70 per barrel, lower than the high of $147 per barrel that was reached in July of 2008.
The announcement prompted BP's share price to fall 8p to 511p at 11:11 BST during stock market trading in London.
