Oil Giants Pocketed $93bn in Profits over Three Months Driven by War on Iran: Report
5 Articles
5 Articles
The shortages on the oil market have led to a decline in demand, which brings back memories of the oil price shock in 1979, which pushed demand for ten years.
18:23 Although the war in the Middle East is yielding the oil giants a sudden jackpot of over 90 billion dollars, they are not yet winners in the long run. Every new energy shock drives customers to gro...
Iran war slows Acwa Power projects and dents profit
Saudi renewables company Acwa Power said net earnings weakened this year as the US-Iran war slowed the development of its projects across the GCC. Net profit fell 36 percent year on year to SAR308 million in the second quarter of 2026, pressured by a decline in development and construction services income due to the Iran conflict and higher impairment expenses. Half-year earnings were down 28 percent year on year. As of the end of June, the comp…
Iran War, Soaring Prices Drive Record Oil Profits
U.S. President Donald Trump’s misguided war against Iran has caused another shock in global oil prices – the 14th such shock in the last half-century. World oil prices rose 50% or more after the war started, and have stayed high despite Trump’s repeated promises to stop the war and reopen the Strait of Hormuz. These price increases are is driving massive increases in profits for petroleum companies around the world – including Canada.Canada prod…
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