Why are oil companies posting record profits amid Iran war disruption?
Big Oil companies have bagged astronomical profits as the critical Strait of Hormuz remains closed.
BP, the major oil firm, has reported a staggering profit surge more than doubling to $5.73bn (£4.27bn) in the past quarter, according to a report. The increase in earnings is directly linked to the soaring oil and gas prices caused by the ongoing Middle East crisis. In an interview, BP's chief executive, Meg O'Neill, emphasized the importance of using domestic energy resources, stating, "where we generate jobs, we generate tax revenue, we generate all those additional positive impacts".
This sentiment was echoed by Burnham's government, which is considering allowing two high-profile North Sea oil and gas projects to proceed despite mounting criticism over the profits of oil companies and the worsening global climate crisis.
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- BP profits more than double as Iran war sends oil prices soaring theguardian.com
