Projections for 2026 show six major oil and gas companies are on track to achieve profits of $152 billion this year, an 80% increase over pre-war estimates, representing $416 million per day. The fertilizer sector is also benefiting, with the three largest transnational companies forecasting a 23% profit growth, adding $928 million extra.
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Globally, billionaire wealth has increased by $9.8 trillion since 2020. Oxfam International Executive Director Amitabh Behar described the situation as a savage system that redistributes wealth upward: from workers to shareholders, from the poorest to the richest, while households in low- and middle-income countries face devastating impacts from rising energy and food prices, compounded by climate shocks and debt crises.
The G7’s $48 billion aid cut to the poorest nations between 2024 and 2025 is equivalent to the combined wealth growth of the bloc’s billionaires in just 11 days.
Oxfam criticized the G6 (Germany, Canada, France, Italy, Japan, and the UK) for using U.S. intransigence as an excuse for inaction, contrasting with multilateral measures taken during COVID-19 and the Ukraine crisis. The organization also noted that no G7 country has imposed an arms embargo on Israel or cut logistical supply used in the Gaza genocide, while they ignore other emergencies such as the Ebola crisis in the Democratic Republic of the Congo.
[ SOURCE: teleSUR ]
