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BusinessQuiet 12d · day 13

Nine oil giants set to post $95bn profit as Iran war lifts fuel prices

Saudi Aramco, BP and others are on track for a second consecutive quarter of massive windfalls driven by Middle East conflict.

newest coverage 11d agosummary written 11d ago5 pieces31 likes & upvotes2 comments NewswiresMastodonGoogle News

What to know

  • Nine major oil firms are projected to post $95bn in combined Q3 profits—the second consecutive quarter at that level—driven by oil prices spiked by the Iran war.
  • Saudi Aramco alone expects $30bn quarterly profit, while BP already reported its highest quarterly earnings since 2008.
  • Climate activists and campaigners are demanding windfall taxes on oil companies and accelerated investment in renewable energy to offset household energy bill pressures.
  • The profits stem from refining divisions capitalizing on disrupted supply through the Strait of Hormuz and sustained price elevation from Middle East conflict.

“Instead of investing in cheap, homegrown renewables that would drive down bills, strengthen energy security and create new jobs, the fossil fuel industry is fighting for permission to extract even more oil and gas.”

Mike Childs, Friends of the Earth · The Guardian ↗ · Nov 1

Saudi Aramco State-owned oil corporationBP London-listed oil corporationMike Childs Friends of the Earth campaign groupRobin Wells Director, Fossil Free LondonAJ Bell Investment broker

Nine oil giants set to post $95bn profit as Iran war lifts fuel prices
theguardian.com

How it unfolded 2 developments, newest first · click a bar or a number to jump articlesposts

Peak 2 pieces in 3h at Nov 1, 11 PM; 5 pieces over 13 days (3 articles · 2 posts) Nov 1, 12 AM — 1 piece · 1 article — Google News 1Nov 1, 2 AM — quietNov 1, 5 AM — quietNov 1, 8 AM — quietNov 1, 11 AM — quietNov 1, 2 PM — quietNov 1, 5 PM — quietNov 1, 8 PM — quietNov 1, 11 PM — 2 pieces · 2 articles — Mastodon 1, Newswires 1Nov 2, 2 AM — 2 pieces · 2 posts — Mastodon 2Nov 2, 5 AM — quietNov 2, 8 AM — quietNov 2, 11 AM — quietNov 2, 2 PM — quietNov 2, 5 PM — quietNov 2, 8 PM — quietNov 2, 11 PM — quietNov 3, 2 AM — quietNov 3, 5 AM — quietNov 3, 8 AM — quietNov 3, 11 AM — quietNov 3, 2 PM — quietNov 3, 5 PM — quietNov 3, 8 PM — quietNov 3, 11 PM — quietNov 4, 2 AM — quietNov 4, 5 AM — quietNov 4, 8 AM — quietNov 4, 11 AM — quietNov 4, 2 PM — quietNov 4, 5 PM — quietNov 4, 8 PM — quietNov 4, 11 PM — quietNov 5, 2 AM — quietNov 5, 5 AM — quietNov 5, 8 AM — quietNov 5, 11 AM — quietNov 5, 2 PM — quietNov 5, 5 PM — quietNov 5, 8 PM — quietNov 5, 11 PM — quietNov 6, 2 AM — quietNov 6, 5 AM — quietNov 6, 8 AM — quietNov 6, 11 AM — quietNov 6, 2 PM — quietNov 6, 5 PM — quietNov 6, 8 PM — quietNov 6, 11 PM — quietNov 7, 2 AM — quietNov 7, 5 AM — quietNov 7, 8 AM — quietNov 7, 11 AM — quietNov 7, 2 PM — quietNov 7, 5 PM — quietNov 7, 8 PM — quietNov 7, 11 PM — quietNov 8, 2 AM — quietNov 8, 5 AM — quietNov 8, 8 AM — quietNov 8, 11 AM — quietNov 8, 2 PM — quietNov 8, 5 PM — quietNov 8, 8 PM — quietNov 8, 11 PM — quietNov 9, 2 AM — quietNov 9, 5 AM — quietNov 9, 8 AM — quietNov 9, 11 AM — quietNov 9, 2 PM — quietNov 9, 5 PM — quietNov 9, 8 PM — quietNov 9, 11 PM — quietNov 10, 2 AM — quietNov 10, 5 AM — quietNov 10, 8 AM — quietNov 10, 11 AM — quietNov 10, 2 PM — quietNov 10, 5 PM — quietNov 10, 8 PM — quietNov 10, 11 PM — quietNov 11, 2 AM — quietNov 11, 5 AM — quietNov 11, 8 AM — quietNov 11, 11 AM — quietNov 11, 2 PM — quietNov 11, 5 PM — quietNov 11, 8 PM — quietNov 11, 11 PM — quietYesterday, 2 AM — quietYesterday, 5 AM — quietYesterday, 8 AM — quietYesterday, 11 AM — quietYesterday, 2 PM — quietYesterday, 5 PM — quietYesterday, 8 PM — quietYesterday, 11 PM — quietToday, 2 AM — quietToday, 5 AM — quietToday, 8 AM — quietToday, 11 AM — quietToday, 2 PM — quietToday, 5 PM — quietToday, 8 PM — quiet 1–2
Nov 2Nov 3Nov 4Nov 5Nov 6Nov 7Nov 8Nov 9Nov 10Nov 11yesterdaynow · 9:46 PM ET
  1. 1

    Climate campaigners call for windfall taxes and energy transition investment

    Friends of the Earth and Fossil Free London activists demand that oil firms contribute to renewable energy transition and criticize UK government for continuing subsidies to an industry posting record profits.

    “The big oil companies are raking in enormous profits while millions of people struggle to afford their energy bills and the planet burns…”
    — Mike Childs
  2. 2

    Analysis projects nine oil firms to post $95bn in third-quarter profits

    Investment broker AJ Bell analysis finds the nine largest listed oil producers are on course to make more than $95 billion in the three months to end of September, with Saudi Aramco expected to lead at $30 billion. This marks the second consecutive quarter of $95bn+ combined profits.

    “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…”
    — AJ Bell analysis
    1. 2 outlets Nine big oil firms on track to share more than £95bn profit two quarters in a row

      first by Mastodon, 11d ago · also The Guardian

  3. background

    BP reports $8.46bn quarterly profit, highest since 2008 — London-listed BP published results for July-September showing record quarterly profits driven by refining divisions capitalizing on higher prices and supply shortfalls.

  4. background

    US-Israel war on Iran causes oil price surge — The conflict triggered a major spike in global oil prices, reaching highs above $126 a barrel and disrupting fossil fuel supplies through the Strait of Hormuz—described as the biggest disruption of fossil fuel supplies in market history.