UN Chief Guterres Says Nine Oil Companies Could Earn Over $95 Billion in Three Months as Energy Costs Soar

United Nations Secretary-General António Guterres has warned that nine oil companies are on track to collect more than $95 billion in just three months, as soaring energy prices impose heavy costs on consumers and economies worldwide.

Speaking at the COP31 climate summit in Antalya, Türkiye, on November 10, Guterres drew attention to the contrast between the financial gains of oil producers and the growing burden on countries dependent on fossil fuel imports.

“Nine oil companies are on track to rake in more than 95 billion US dollars in just three months,” he said. “That is more than $1 billion a day.”

Guterres linked the surge in energy costs to the conflict in the Middle East, saying the European Union alone had spent more than €100 billion in additional fossil fuel import costs since the fighting began, without receiving any extra fuel.

He also cited rising transport fuel prices across 130 countries, where gasoline prices have increased by approximately 26% and diesel prices by 38%.

The UN chief argued that the financial consequences of dependence on fossil fuels extend beyond the climate crisis, exposing countries to economic shocks and security risks.

He urged governments to accelerate investment in clean energy, electricity grids, storage, energy efficiency and electrification, while calling on oil-producing nations to diversify their economies.

Guterres also proposed taxing extraordinary profits generated by fossil fuel companies to help finance the energy transition and protect households from future price shocks.