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SunSirs: Director of IEA: The Profit of the Global Oil and Gas Industry Soared to 4 trillion US Dollars in 2022
February 15 2023 11:38:29()

On February 14, Foreign Power reported that Fatih Birol, Director of the International Energy Agency (IEA), said at an industry conference on Tuesday that the profit of the global oil and gas industry would surge to nearly $4 trillion in 2022, while the average annual profit of the industry in recent years was $1.5 trillion.

He said that despite the record industry income, major oil-producing countries, especially those in the Middle East, still need to start to diversify their economies.

"90% of a country's fiscal revenue depends on oil and natural gas, which is not feasible because oil demand will decline."

IEA is one of the most active international institutions advocating energy transformation.

According to the data, the net profit of the six international oil giants alone reached 219 billion US dollars in 2022, a record high.

The profits of Exxon, Chevron, BP, Shell, Equinor and Total Energieshave all reached record highs in 2022. Since 2021, the total net profits of the six major oil giants have doubled, which is due to the soaring oil and gas prices after the sudden upgrading of Russia and Ukraine, and the major oil giants have also increased oil and gas output.

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