Massive global oil and gas industry proceeds revealed

The head of the International Energy Agency called for investment in transition after a bumper 2022

The global energy sector earned nearly $4 trillion last year, the head of the International Energy Agency said on Saturday, stressing that the figure marks a substantial increase from the recent average.

“The global oil and gas industry's income jumped to almost $4 trillion in 2022, a huge rise from its recent average of $1.5 trillion,” Fatih Birol wrote on his Twitter account.

According to data provided by agency chief, annual oil and gas revenue has averaged between $1 trillion and $2 trillion worldwide in recent years.

“The sector has a unique opportunity to invest a significant chunk of this in clean energy transitions, especially in emerging & developing economies,” Birol added.

The world’s largest energy companies have recently reported record-breaking results, as higher prices for oil and gas have driven up revenues of major market players, while landing households and businesses with skyrocketing energy bills.

READ MORE: Oil prices jump after Russia announces production cuts

Earlier this month, UK-based oil and gas major Shell posted a record $39.9 billion annual profit in 2022. In January, US oil giant ExxonMobil reported a $56 billion profit for 2022, marking a historic high for the Western oil industry, while another American energy major, Chevron, posted a record $36.5 billion profit for last year.

According to a recent calculation by Refinitiv analysts, the five super-majors, which are ExxonMobil, BP, Chevron, Shell, and TotalEnergies, are expected to report a combined profit of nearly $200 billion for 2022 following last year’s spikes in energy prices.

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