Big oil firms set to post more than $95 billion in quarterly profit as higher crude prices lift earnings

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Big oil firms $95B profit

Highlights

Nine of the largest listed oil producers are forecast to post over $95 billion in Q3 profit, nearly matching Q2's $96 billion according to AJ Bell.
Saudi Aramco is projected to lead with a 7% rise in quarterly net income to approximately $30 billion, driven by crude prices above $126 a barrel.
Refining margins rose as fuel prices increased and supply tightened after the U.S.-Israel war on Iran disrupted Strait of Hormuz shipments.

Third-quarter earnings outlook for major producers

As reported by The Guardian, citing AJ Bell, nine of the biggest listed oil producers are on track to generate more than $95 billion in profit in the third quarter, after the same group made $96 billion in the second quarter.

The analysis says the latest windfall follows a surge in global oil prices after the U.S.-Israel war on Iran pushed crude above $126 a barrel. Saudi Arabia's state-owned Aramco is expected to lead the profit rankings, with analysts anticipating a 7% rise in quarterly net income to about $30 billion for the $1.7 trillion company.

Higher earnings across the sector are also being supported by refining operations, which benefit from stronger fuel prices and tighter supply after the war disrupted shipments through the Strait of Hormuz.

Pressure grows over energy costs and climate impact

The scale of the expected profits is prompting renewed calls for oil companies including Saudi Aramco and BP to contribute more toward environmental damage and the shift to renewable energy.

Campaigners argue that the industry is benefiting from one of the biggest fossil fuel supply disruptions in market history while households face higher energy bills and the climate crisis intensifies. They say the earnings underline the need for faster investment in cleaner energy and greater accountability from major polluters.

A BP spokesperson points to comments made earlier this year by chief executive Meg O'Neill at an industry event, where she highlights the company's role in helping respond to the global energy crisis and maintaining supplies of diesel and jet fuel.

In our earlier article on the conflict-driven surge in oil shipping costs, we explained how attacks and rerouting risks around key corridors such as the Strait of Hormuz and the Red Sea pushed tanker rates and insurance sharply higher. We also noted that these freight increases were feeding into fuel and consumer prices, with import-dependent Asian markets among the most exposed while tanker owners captured outsized windfalls.

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