Major oil firms unveil $93bn Q2 profits as war-fuelled supply shock drives prices higher
AI Market Summary
Major listed oil firms reportedly earned $93bn in Q2 2024 net profit, nearly doubling year-on-year, driven by a war-linked supply shock and a spike in crude prices above $126/bbl. The magnitude of the disruption signals tighter near-term supply conditions and elevated energy risk premia, reinforcing volatility and upside pressure in benchmark crude-linked instruments and related energy equities.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-5.66%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Eight of the world's largest publicly listed oil companies booked a combined net profit of $93bn in the second quarter of 2024 (through June 30), nearly doubling from about $50bn a year earlier. The surge was attributed to a global oil supply crunch triggered by the U.S. and Israel going to war with Iran, which briefly pushed crude above $126 a barrel. The report described the episode as the most severe supply disruption in the history of the global oil market, with the jump in energy prices cited as the main driver of the profit windfall.
