# Nine Major Oil Firms Projected to Exceed $95 Billion Quarterly Profit Geopolitical tensions drive record earnings while fueling global debates on environmental accountability and transition. - **Source:** [Business | The Guardian](https://www.theguardian.com/uk/business) - **Published:** 2026-11-02 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/4fae1f3a-6b48-4929-837b-6ae1c9ffc83a ## Record Quarterly Profit Projections Nine major listed oil producers are on track to generate over $95 billion in profits for the third quarter. This follows a second quarter where these same companies collectively earned $96 billion. These financial results are largely driven by significant disruptions in global fossil fuel supplies following the recent Iran war. ## Market Dynamics and Price Surges Global oil prices climbed above $126 per barrel after the US-Israel conflict with Iran, creating a volatile market environment. Refining divisions within these oil giants capitalized on these price spikes, effectively compensating for supply shortfalls caused by restricted shipments through the Strait of Hormuz, which bolstered overall corporate net income figures. ## Saudi Aramco Profit Leadership Saudi Aramco is expected to lead the industry, with analysts projecting a 7% increase in quarterly net income to $30 billion. Despite being targeted by Iran-backed Houthi forces, the $1.7 trillion company remains the top profit generator, maintaining its status as a primary contributor to global carbon emissions according to Carbon Majors. ## BP Financial Performance Trends London-listed BP reported quarterly profits of $8.46 billion for the July to September period. This figure represents the company's highest profit level since 2008. The firm continues to emphasize its role in addressing the global energy crisis by ensuring consistent supplies of essential fuels like diesel and jet fuel for markets. ## Calls for Environmental Accountability Campaigners from groups like Friends of the Earth are demanding that oil corporations contribute to environmental damage costs. They argue that these firms should pivot investments toward renewable energy instead of pursuing further extraction. Critics highlight that while companies report massive gains, millions of households struggle with rising energy bills and climate instability. ## Rosebank Oilfield Development Debate The UK government is currently evaluating whether to approve drilling at the Rosebank oilfield in the North Sea. Experts estimate this project could emit one million additional tonnes of carbon dioxide annually by 2042. Climate activists argue that this development will not lower energy bills, as the extracted oil is intended for export. ## Industry Defense and Strategy Eni representatives stated that their profits result from effective operational and financial management models designed to meet global demand. They maintain that the world remains structurally reliant on oil and gas for energy security. The company also noted that it has expanded its energy transition business to include various renewable energy projects. ## Future Policy and Transition Risks The tension between record fossil fuel profits and net-zero commitments remains a central political challenge. Ministers face pressure to accelerate renewable energy adoption and end reliance on volatile markets. Future decisions regarding new drilling licenses will likely determine the pace of the UK's energy transition and its impact on long-term climate targets. ## Sources covering this story - https://www.theguardian.com/business/2026/nov/02/nine-of-world-biggest-oil-firms-95bn-profit-third-quarter-iran-war — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._