BP's annual profit rockets

British energy major BP said Tuesday that 2017 net profits rocketed to almost $3.4 billion (2.7 billion euros), boosted mostly by a recovery in the crude oil market.

Earnings after taxation for the full year compared with $115 million in 2016, BP said in a statement.

"The results primarily reflected higher oil prices," the London-listed giant said.

The news comes one week after Anglo-Dutch rival Royal Dutch Shell announced an annual profit of $13 billion.

World oil prices had leapt by some 15 percent to finish the year at $60 per barrel, helped by oil cartel OPEC's efforts to limit its production.