Now Reading: Eight Oil Giants Earn Nearly $93 Billion as Iran Conflict Lifts Prices
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Eight Oil Giants Earn Nearly $93 Billion as Iran Conflict Lifts Prices
Eight Oil Giants Earn Nearly $93 Billion as Iran Conflict Lifts Prices
The world’s eight largest listed oil companies earned nearly $93 billion in the spring quarter, or more than $1 billion a day, as the US-Iran conflict pushed crude prices higher, Livemint reports.…
The Story in Brief
The world’s eight largest listed oil companies earned nearly $93 billion in the spring quarter, or more than $1 billion a day, as the US-Iran conflict pushed crude prices higher, Livemint reports. Saudi Aramco led with quarterly net income above $33 billion. ExxonMobil earned $14.5 billion, Chevron $12.2 billion and Shell $9.84 billion. Brent crude briefly reached about $126 a barrel before easing. The companies say strong profits support future investment, while US President Donald Trump criticised ExxonMobil and Chevron for earning too much.
Oil prices remain unsettled. Times Now reports Brent near $84 and WTI near $80 on August 7 after Iran published a draft plan restricting some shipping through the Strait of Hormuz. Trump said the war could end soon, but Iran and Oman have not announced a transit agreement. A Ukrainian strike on Russian refineries also added supply concerns.
The Indian Opinion
Claims that every rupee paid at the pump went straight into corporate coffers are as lazy as the companies’ suggestion that high profits alone prove productive investment. Prices can jump on fears around Hormuz, but the reported earnings also reflect the scale and market power of these firms. The fair test is simple: when crude falls, do fuel prices and margins fall with it, and how much of the $93 billion reaches new supply rather than shareholders?
Sources (2): livemint.com, timesnownews.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
