{"id":43255,"date":"2025-03-22T23:14:16","date_gmt":"2025-03-22T23:14:16","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024"},"modified":"2025-04-29T23:28:35","modified_gmt":"2025-04-29T23:28:35","slug":"oil-giants-profits-decline-16-in-2024","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024","title":{"rendered":"Oil giants’ profits decline 16% in 2024"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>The combined profits of eight of the world’s largest oil companies fell 16% in 2024 compared to the previous year, bringing total earnings down to $217.65 billion.<\/p>\n

Among the global oil majors reporting declines were US-based ExxonMobil and Chevron, the UK’s bp, France’s TotalEnergies, Italy’s Eni, Norway’s Equinor, Dutch-based Shell, and Saudi Aramco, the kingdom’s state-owned oil giant.<\/p>\n

Saudi Aramco posted a 12.4% drop in annual earnings, reporting a profit of $106.20 billion, while ExxonMobil recorded a 6.5% decline, bringing its full-year profit to $33.68 billion.<\/p>\n

Shell’s profits fell 16% to $23.72 billion, while Chevron posted a steeper 17.4% drop to $17.66 billion. TotalEnergies saw an even larger decline of 26.3%, reporting $15.76 billion in profit.<\/p>\n

bp recorded a sharp drop with earnings plunging 35.6% to $8.91 billion. Equinor’s profit fell 25.8% to $8.83 billion, while Eni reported the most significant decline, with a 44.5% slump to $2.89 billion.<\/p>\n

Meanwhile, Russia’s Rosneft has yet to disclose full-year profit results. The company’s revenue for the January-September period of 2024 fell 13.8% to $8.72 billion, down from $10.12 billion in the same period of 2023.<\/p>\n

In total, the companies’ combined net profits dropped from approximately $259.2 billion in 2023 to $217.65 billion last year.<\/p>\n

– Profits likely to decline further in 2025<\/p>\n

Jorge Leon, senior vice president at Norway-based consultancy Rystad Energy, identified two key drivers behind the profit downturn in 2024.<\/p>\n

Oil prices declined in 2024 compared to 2023, particularly in the second half of the year, Leon told Anadolu.<\/p>\n

“In 2023, Brent crude averaged $83 per barrel, while in 2024 it fell below $80 per barrel, directly impacting revenues,” he said.<\/p>\n

He also pointed to weaker refining margins, which squeezed profits from processed oil products.<\/p>\n

“For 2025, we expect oil prices to average below 2024 levels\u2014around $75 per barrel\u2014so I would not be surprised if oil giants’ revenues this year are even lower than last year,” he added.<\/p>\n

– Oil prices could reach $75 but remain capped<\/p>\n

Homayoun Falakshahi, a senior oil analyst at Kpler, attributed the recent price weakness to high production levels and tepid demand.<\/p>\n

However, he noted that OPEC+ supply management efforts have been effective in stabilizing prices.<\/p>\n

Falakshahi also highlighted geopolitical risks, particularly US sanctions on Iran.<\/p>\n

The US recently sanctioned a Chinese company that purchased Iranian crude which is likely to trigger panic among other buyers, leading them to scale back their purchases from Iran, he said.<\/p>\n

“As a result, Iranian oil could become stranded in the medium term, forcing the National Iranian Oil Company (NIOC) to cut production,” he explained.<\/p>\n

Seasonal demand increases over the summer could push oil prices back toward $75 per barrel in the next two to three months, Falakshahi noted. However, he expects prices to retreat later in the year.<\/p>\n

“In the longer term, by the end of Q3 and Q4, prices are expected to return to current levels or dip slightly below $70 per barrel, primarily due to persistently weak fundamentals,” he concluded.<\/p>\n

For More News And Analysis About Eritrea<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. The combined profits of eight of the world’s largest oil companies fell 16% in 2024 compared to the previous year, bringing total earnings down to $217.65 billion. Among the global oil majors reporting declines were US-based ExxonMobil and Chevron, the UK’s bp, France’s TotalEnergies, Italy’s Eni, Norway’s Equinor, Dutch-based Shell, and Saudi […]<\/p>\n","protected":false},"author":84,"featured_media":43254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,6687,6688,1630,1632,6686,1633],"class_list":["post-43255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-eritrea","tag-global-oil-majors","tag-homayoun-falakshahi","tag-jorge-leon","tag-kpler","tag-oil-companies","tag-rystad-energy"],"yoast_head":"\nOil giants' profits decline 16% in 2024 - Eritrea<\/title>\n<meta name=\"description\" content=\"The combined profits of eight of the world's largest oil companies fell 16% in 2024 compared to the previous year, bring ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil giants' profits decline 16% in 2024\" \/>\n<meta property=\"og:description\" content=\"The combined profits of eight of the world's largest oil companies fell 16% in 2024 compared to the previous year, bring ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-22T23:14:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-29T23:28:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2025\/03\/sm_1742670490.476181.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil giants’ profits decline 16% in 2024\",\"datePublished\":\"2025-03-22T23:14:16+00:00\",\"dateModified\":\"2025-04-29T23:28:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024\"},\"wordCount\":482,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2025\/03\/sm_1742670490.476181.jpg\",\"keywords\":[\"Eritrea\",\"global oil majors\",\"Homayoun Falakshahi\",\"Jorge Leon\",\"Kpler\",\"Oil companies\",\"Rystad Energy\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-giants-profits-decline-16-in-2024\",\"name\":\"Oil giants' profits decline 16% in 2024 - 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