Crude Price Spike May Deliver $495 Billion Windfall for Top Oil Producers

The global upstream oil and gas sector is poised to generate a massive windfall of $495 billion in free cash flow by 2026, thanks to the sharp increase in crude prices triggered by the Middle East conflict.

According to Wood Mackenzie, this estimate represents more than double its previous forecast based on an average oil price of $60 per barrel. The new forecast assumes an average oil price of $90 per barrel.

The higher cash flow outlook is expected to benefit the world's largest producers, with 49 national and international oil companies set to capture $272 billion of the total windfall.