Aramco, Exxon, BP, Chevron Reap Massive Profits Off Iran Conflict – THISDAYLIVE

• Trump blasts oil firms, accuses them of making too much money 

•Four companies rake in over $65bn in profits 

•Reuters: Dangote refinery to raise $5bn in Oct. listing

Emmanuel Addeh in Abuja

Saudi Aramco, ExxonMobil, Chevron and BP have reported a combined second quarter profit of about $65 billion, as soaring crude oil prices and refining margins triggered by the Iran conflict delivered windfall earnings for the world’s biggest energy companies.

This came even as consumers across many countries continue to grapple with higher fuel prices, and US President, Donald Trump, knocked the oil majors for making too much money off the Iran conflict.

The development emerged after months of disruptions to global energy supplies following the United States and Israel’s attacks on Iran and Tehran’s retaliation, which severely disrupted shipping through the Strait of Hormuz, a vital waterway that normally carries about one fifth of global oil and liquefied natural gas supplies.

The conflict pushed Brent crude prices from about $70 per barrel before the crisis to above $100 for much of the April to June quarter, peaking at about $126 at one point, while diesel, jet fuel and gasoline prices also surged.

To this end, Saudi Aramco yesterday reported a 44 per cent increase in second quarter net profit to $32.69 billion from $22.67 billion a year earlier, driven by higher prices for crude oil, refined products and petrochemicals.

The world’s largest oil exporter said it maintained a supply reliability rate of 98.4 per cent despite the geopolitical crisis by rerouting exports through its East West Pipeline to the Red Sea.

However, Aramco President and Chief Executive Officer, Amin Nasser, warned that the disruption had depleted global oil inventories and could have…