Business · 2026-11-02 · Morning briefing

Nine oil giants on track for $191bn in half-year profits

Nine of the world’s largest listed oil producers are poised to report over $95bn in profits for the third quarter, according to analysis by investment broker AJ Bell. This nearly matches the $96bn the same firms earned in the second quarter, marking a sustained windfall driven by high fossil fuel prices.

The profits follow a surge in global oil prices, which climbed above $126 a barrel seven months after the start of the US-Israel war on Iran. Individual company results reflect the trend: BP recently posted its largest quarterly profit since 2008, at $8.46bn, while the $1.7tn Saudi Aramco is anticipated to report a 7% rise in net income to $30bn.

The earnings have intensified calls for producers to fund environmental damages. Concurrently, the UK energy secretary is deciding whether to approve the new Rosebank oilfield in the North Sea. The project is estimated to emit an additional one million tonnes of carbon dioxide annually by 2042.

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• Nine big oil firms on track to share more than £95bn profit two quarters in a row

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