Supermajors had a record-shattering financial year in 2022. To the invariable chagrin of their governments, all of the big international oil companies made the most money in their history thanks to the oil and gas price rally sparked by the war in Ukraine. Then, prices fell. For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive, even as predictions of peak oil demand intensified and multiplied.
The combined profits of Big Oil came in at around $107.5 billion last year,…Big Oil Sees 30% Drop in Profits from Record 2022 Levels
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