World's eight biggest oil firms earned RM2.8 million a minute

DUBAI – The world's eight largest oil companies raked in more than US$700,000 (RM2.8 million) every minute during the second quarter of this year, after the conflict involving Iran triggered a surge in energy prices.

Data showed that Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil collectively earned close to US$93 billion (RM380 billion) over the three-month period – almost double their combined profit for the same period last year.

The earnings came as global oil prices climbed past US$126 (RM515) a barrel amid fossil fuel supply disruptions caused by the United States-Israel war against Iran.

Aramco leads the pack

Aramco posted the largest profit, with quarterly net income rising 34 per cent to more than US$33 billion (RM135 billion). The increase was recorded despite damage to its infrastructure from Iranian and Houthi drone and missile attacks.

Over the same period, the combined market value of the eight companies rose by about US$600 billion (RM2.4 trillion) to more than US$3 trillion (RM12 trillion) – even as the world faced a series of extreme heatwaves linked to the burning of fossil fuels.

Activists critical

The spike in energy prices has drawn criticism from activists, who warned that millions of households are being saddled with higher bills while oil companies continue to profit heavily from market disruption.

The bumper earnings have also fuelled calls for the oil and gas majors to be held accountable for environmental damage, and to channel part of their profits into financing a rapid transition to renewable energy.