Now Reading: Eight oil giants earn $93 billion as Iran conflict lifts prices
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Eight oil giants earn $93 billion as Iran conflict lifts prices
The world’s eight largest listed oil companies earned nearly $93 billion in the spring quarter as the US-Iran conflict drove Brent crude to about $126 a barrel, Livemint reports, citing data collected…
The Story in Brief
The world’s eight largest listed oil companies earned nearly $93 billion in the spring quarter as the US-Iran conflict drove Brent crude to about $126 a barrel, Livemint reports, citing data collected by The Guardian. The group includes Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil.
Aramco led with quarterly net income above $33 billion. ExxonMobil earned $14.5 billion, Chevron $12.2 billion and Shell $9.84 billion. Prices later fell as supply fears eased, with average Brent crude declining from $117.29 a barrel in April to $85.40 in June, according to the US Energy Information Administration. The American Petroleum Institute said strong profits support future investment and that producers do not control prices.
The Indian Opinion
Claims that oil companies alone set fuel prices ignore the role of global supply fears, but the industry’s price-taker argument does not settle whether these earnings are excessive. Record profits alongside higher pump prices will naturally invite scrutiny, especially when one company’s quarterly income exceeds $33 billion. The useful test is simple: as Brent falls, how quickly do retail fuel prices follow?
Source: livemint.com
This story was synthesised by AI from the source linked above.
