Europe’s three biggest oil companies reaped as much as $4.75bn from the turmoil in global energy markets as the Iran war caused violent swings in prices, presenting huge opportunities for their trading desks.
Shell, BP and TotalEnergies’ trading units earned between $3.3bn and $4.75bn extra in the first quarter, compared with the final three months of last year, according to estimates from five analysts.
The estimates suggest that the trading divisions, for which the companies do not disclose profits, were responsible for between 48 per cent and 69 per cent of the $6.9bn increase in the groups’ total earnings since the previous quarter.
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