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● LIVE Updated 1h ago · 13 sources tracked

Oil majors resist pressure to invest in new refineries as fuel prices keep rising

Major oil companies are refusing to invest in new refinery capacity despite rising fuel prices and surging margins. This capital-discipline stance persists even as five oil giants reported $56.3 billion in quarterly profits and nine firms track toward sharing over £95bn in profit for two consecutive quarters. While supply disruptions in Ukraine and the Middle East have slashed production capacity and spiked margins, companies are resisting pressure to expand. This suggests fuel prices may remain elevated even if crude oil supplies stabilize.

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  • ✓ Five oil giants earned $56.3 billion in quarterly profits.
  • ✓ Nine big oil firms are on track to share more than £95bn profit for two consecutive quarters.
  • ✓ The U.S. oil industry earned over $130 billion in profit during the Iran War.
  • ✓ Oil majors are resisting pressure to invest in new refineries as fuel prices rise.
🛡️ Source Corroboration: 13 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Oil majors are maintaining a capital-discipline stance on refinery investment despite a surge in refining earnings and global supply disruptions.

Live updates

  1. Oil Majors Resist New Refinery Investment Despite Surging Profits

    Major oil companies are refusing to invest in new refinery capacity despite rising fuel prices and surging margins. This capital-discipline stance persists even as five oil giants reported $56.3 billion in quarterly profits and nine firms track toward sharing over £95bn in profit for two consecutive quarters. While supply disruptions in Ukraine and the Middle East have slashed production capacity and spiked margins, companies are resisting pressure to expand. This suggests fuel prices may remain elevated even if crude oil supplies stabilize.

    Why it matters

    Global fuel supplies have tightened due to conflicts in Ukraine and the Middle East. The U.S. oil industry specifically earned over $130 billion in profit during the Iran War. This disconnect between record corporate earnings and high consumer costs at the pump has drawn criticism from political figures.

    What is confirmed

    • Five oil giants earned $56.3 billion in quarterly profits.
    • Nine big oil firms are on track to share more than £95bn profit for two consecutive quarters.
    • The U.S. oil industry earned over $130 billion in profit during the Iran War.
    • Oil majors are resisting pressure to invest in new refineries as fuel prices rise.

    Still unconfirmed

    • Iran has offered to reopen the Strait of Hormuz within 48 hours.
    • Conflicts in Ukraine and the Middle East have slashed fuel production capacity.

    What to watch next

    • Confirmation of the Strait of Hormuz reopening
    • Changes in oil major capital expenditure guidance
    • Further quarterly profit reports from the top nine oil firms
    Sources used for this update (14)
    1. The New York Times — U.S. Oil Industry Earned Over $130 Billion in Profit During Iran War
    2. Fox Business — Oil giants post billions in profits as Americans feel pain at the pump
    3. CNBC — Trump called out Big Oil profits. Here’s how much their refining earnings have surged since
    4. NPR — Oil company earnings skyrocket — again
    5. Financial Times — Oil majors resist pressure to invest in new refineries as fuel prices keep rising
    6. The Guardian — Nine big oil firms on track to share more than £95bn profit two quarters in a row
    7. Barron's — The Oil Giants Are Raking In Cash. Here’s What They’ll Do With It.
    8. jen.jiji.com — Shein announces 500 million investment in Poland in 2026 to expand its European logistics hub
    9. jen.jiji.com — Ecomondo, Assogasliquidi: "Risk of investment flight for the Italian bioLNG industry"
    10. economictimes.indiatimes.com — US Stock Market Live Updates: Dow soars 1,500 points as Brent oil's price drops below $95 per barrel on Democrat win, Iran peace deal hopes
    11. www.indy.finance — Oil Majors Won't Fix Tight Fuel Supply Even as Margins Spike
    12. article.wn.com — Oil majors resist pressure to invest in new refineries as ...
    confidence 90%
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