The Guardian Analysis: Oil Giants Earned $93 Billion During the War with Iran and Extreme Heatwaves

Eight of the world’s largest oil companies reported profits approaching $93 billion in the April-June period alone. Their earnings were boosted by rising energy prices following the war between the US, Israel and Iran, at a time when the world was also experiencing the severe effects of the climate crisis.

An analysis published by The Guardian shows that Saudi Aramco, Shell, BP, ExxonMobil, Chevron, TotalEnergies, Equinor and Eni benefited significantly from the rise in oil prices. Together, these companies earned an average of more than $700,000 every minute during the second quarter.

Saudi Aramco posted the strongest financial result, with profits exceeding $33 billion. Meanwhile, BP reported $5.73 billion, the company’s highest figure since 2022. Shell, Chevron and ExxonMobil also reported substantial profit increases compared with the same period a year earlier.

The combined market value of the eight companies rose by approximately $600 billion, taking their market capitalisation above $3 trillion.

Environmental organisations have condemned the situation, claiming that the oil industry is “profiting from human misery.” According to them, millions of families are facing higher energy costs, while wildfires, droughts and extreme temperatures are worsening the impact on communities in many countries.

Scientists warn that this summer has brought Europe the most severe heatwaves ever recorded. They are directly linked to global warming caused by the burning of fossil fuels. In Europe alone, extreme temperatures are estimated to have caused around 20,000 deaths, while droughts, wildfires and floods have caused extensive damage across several continents.

Climate activists are calling for oil companies’ windfall profits to be taxed more heavily. They say the resulting tax revenue should be used to develop renewable energy and address the damage caused by climate change.