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The Economic Times

Veer Sharma

$48 billion profit! 5 global oil majors cash in on oil surge amid Iran war. Where is money flowing?

Oil Iran Donald Trump British Petroleum United States Chevron Shell Exxon Exxon Mobil TotalEnergies

The five oil supermajors- Exxon Mobil, Chevron, BP, Shell, and TotalEnergies- made a combined $48 billion profit between April and June, helped by higher fossil fuel prices amid hostilities between the US and Iran, following which oil prices went flying to over $100 per barrel.

The companies also generated nearly $90 billion in cash during the quarter, the highest level on record and above the cash generated following Russia's full-scale invasion of Ukraine in early 2022.

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