Oil Majors Sit on Windfall

United StatesAnalysts expect eight oil majors to make over $350bn in operating cash.

That is 50% more than last year, and the Iran war’s price spike paid for it.

Investment barely moved, so cash flows to shareholders: Shell lifted its quarterly buyback by two-thirds to $5bn.

Oil has fallen more than 15% since last week on hopes the midterm result speeds an end to the war.

No one knows whether the Strait of Hormuz will be open in months, so the majors hold spending.

Sources: Financial Times News