Western Oil Companies Profiting More Amid Attacks on Russian Refineries and Sanctions
Following extensive international developments and the implementation of sanctions, Western oil corporations have entered a new phase of profitability, significantly increasing their earnings from oil refining processes.
This surge comes amid a series of Ukrainian military strikes on Russian oil refining infrastructure and the impact of international sanctions, which have dramatically shifted the balance of power in the global oil market.
According to the reputable publication The Moscow Times, citing Western sources, the profits of the four largest Western oil companies soared by 61% in the third quarter compared to the previous one.
As a result, their combined profits rose by 20%, indicating a strong upward trend in the industry.
The primary factor behind this growth has been the decline in export volumes of Russian petroleum products—due to drone attacks and damage to sea terminals starting from July.
In September, daily oil exports dropped by 500,000 barrels, reaching the lowest levels this year, with Russia forced to export only about 2 million barrels per day—this being the lowest since the war began and the start of the COVID-19 pandemic in 2020.
This situation has boosted profits for industry giants like Exxon Mobil, Chevron, Shell, and TotalEnergies, which together account for over 10% of global oil product output, roughly 11 million barrels daily.
For instance, Exxon Mobil reported a more than 30% increase in profits within its energy products division, amounting to $1.84 billion.
Similarly, UK-based BP, which held nearly 20% of “Rosneft” shares before pulling out due to the war, has gained additional revenue from sanctions and drone attacks.
BP’s profit margin has increased by 33%.
Meanwhile, after months of delays, former US President Donald Trump officially announced sanctions against the Kremlin, although experts view this more as an emotional response rather than a strategic move.
Will this action pose a real challenge to Vladimir Putin’s regime? The motivations and potential consequences of Trump’s decision are explored by analyst Oleg Shamsur in his article “Trump Punishes Putin, But Not for Ukraine.”