Nine big oil firms on track to share more than £95bn profit two quarters in a row
Source: The Guardian ·
Windfall for oil corporations such Saudi Aramco and BP comes on back of soaring fuel prices driven by Iran warThe world’s biggest oil companies are on track to amass profits of more than $95bn (£71bn) in the third quarter as the war in the Middle East drives up the price of fossil fuels.The windfall war profits have sparked calls for oil corporations such as Saudi Aramco and BP to pay for…
From the source
The world’s biggest oil companies are on track to amass profits of more than $95bn (£71bn) in the third quarter as the war in the Middle East drives up the price of fossil fuels. The windfall war profits have sparked calls for oil corporations such as Saudi Aramco and BP to pay for environmental damage and help the world transition towards renewable energy. Analysis by the investment broker AJ Bell has found that nine of the biggest listed oil producers are on course to make more than $95bn in the three months to the end of September. The windfall came seven months after the US-Israel war on Iran caused a surge in global oil prices to highs above $126 a barrel, and followed a second quarter in which the same businesses made $96bn in profit. The companies have used the biggest disruption of fossil fuel supplies in the market’s history to bolster their profits, with campaigners warning that millions of households are left to pay the price in higher bills and climate chaos. Saudi…
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