As the world marks the fourth anniversary of Russia’s invasion of Ukraine, new analysis from Global Witness reveals that five leading oil ‘supermajors’ bp, Shell, Chevron, ExxonMobil and TotalEnergies – have recorded profits of almost half a trillion US dollars (US$467 billion) since the war began.
This staggering figure is close to the total estimated cost of reconstruction and recovery from the damage of the war in Ukraine (US$524 billion).
The analysis exposes the scale of profits raked in by the big 5 Western oil majors since Russia’s invasion of Ukraine. In 2022, the big 5 oil majors’ profits collectively jumped by 125% (from US$87 billion in 2021 to US$195 billion in 2022).
The huge windfall for Western oil majors stands in stark contrast to the economic pain felt across Europe, and the enduring losses faced by Ukrainians, who have suffered acutely this winter amidst Russia’s attacks on the state power grid in sub-zero temperatures.
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