US Oil Majors Reap Billions from Iran War Profits
The Iran war has created an extraordinary financial windfall for major oil companies. Eight of the global oil majors, including Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil, amassed profits of US$93 billion in just three months. This is almost double the nearly US$50 billion recorded during the same period last year.
The companies made more than US$700,000 in profit every minute during the quarter. Saudi Aramco emerged as a major beneficiary despite the disruption in the Strait of Hormuz, its preferred export waterway. The strait is one of the world's most important oil routes, normally carrying oil volumes equivalent to about one-fifth of global petroleum consumption.
US President Donald Trump has criticized the oil majors for making 'too much money', but taking them on could have political risks. Big Oil remains one of the most powerful lobbying interests in Washington and has traditionally supported Republicans. The industry has contributed heavily to Trump and Republican-aligned campaigns.