Major oil and gas companies are making more than $30m an hour in unearned profits from the US-Israeli war in Iran, according to an analysis by Global Witness using data from Rystad Energy. The conflict pushed oil prices to an average of $100 a barrel in March, generating an estimated $23bn in windfall profits for the world’s top 100 fossil fuel firms in that month alone. If prices remain at this level, the companies could pocket an extra $234bn by the end of 2026.
The biggest beneficiaries include Saudi Aramco, Gazprom and ExxonMobil, all of which have a history of opposing climate action. Saudi Aramco alone is projected to make $25.5bn in war profits this year if oil averages $100 a barrel. Three Russian firms—Gazprom, Rosneft and Lukoil—stand to gain $23.9bn, boosting revenues for Vladimir Putin’s war in Ukraine. Russia’s oil export revenues hit $840m a day in March, 50% higher than the previous month.
The excess profits come at the expense of ordinary consumers, who face higher fuel and energy bills. Dozens of countries, including Australia, South Africa, Italy, Brazil and Zambia, have cut fuel taxes to ease the burden, reducing public revenues. Pressure is mounting for windfall taxes on oil and gas companies. Finance ministers from Germany, Spain, Italy, Portugal and Austria have urged the European Commission to tax war profits to fund consumer relief and curb inflation.
ExxonMobil and Shell have also seen significant gains, with ExxonMobil’s share price rising by $118bn and Shell’s by $34bn since the war began. Chevron is on track for $9.2bn in war profits, and its CEO Mike Wirth sold $104m worth of shares between January and March. The International Energy Agency’s Fatih Birol described the conflict as the biggest shock ever to global energy markets.
UN climate chief Simon Stiell warned that fossil fuel dependency is undermining national security and sovereignty, urging a shift to renewables. The oil and gas sector has averaged $1tn in annual profits for the last 50 years, with explicit subsidies totalling $1.3tn in 2022 alone. Patrick Galey of Global Witness said: “Moments of global crisis continue to translate into bumper profits for oil majors.”
