Oxfam Denounces Energy Firms' Profit Surge Amid "War in Iran"

Oxfam Intermón has reported that major energy companies have seen their profits multiply since the start of the "war in Iran." This increase in earnings stands in stark contrast to the development aid cuts implemented by G7 countries, according to the organization.

"The wealth of energy 'billionaires' increased by $9.8 trillion amid the fifth global economic crisis recorded since 2020," Oxfam stated in a press release on the eve of the G7 summit in Évian. The organization further noted that "G7 countries cut aid to the world's poorest nations by $48 billion between 2024 and 2026."

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The wealth of energy 'billionaires' increased by $9.8 trillion amid the fifth global economic crisis recorded since 2020

The report, released in conjunction with the G7 summit's opening, indicates that 41 billionaires from the seven most developed countries have increased their wealth by $23.5 billion since the beginning of what Oxfam terms the "illicit war" waged by the United States and Israel against Iran in late February. Profits for the six largest oil and gas corporations are projected to surge 80% above pre-war forecasts, amounting to an additional $68 billion, bringing their total to $152 billion.

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G7 countries cut aid to the world's poorest nations by $48 billion between 2024 and 2026

Similar profit increases are expected in other sectors, with the three largest fertilizer corporations anticipating a 23% rise in profits compared to pre-war estimates. Amitabh Behar, Executive Director of Oxfam International, decried the disparity between these profits and the human and economic costs of the conflict, describing it as a "brutal system that redistributes wealth upwards."

"From workers to shareholders, from the poorest to the richest, from those with less power to those who already have too much. While families skip meals and governments cut vital humanitarian aid, we are witnessing a grotesque bonanza for billionaires," Behar stated. Oxfam also criticized the response of developed countries to this crisis, contrasting it with their actions following the COVID-19 pandemic or Russia's invasion of Ukraine, when debt payments were suspended for developing nations and the IMF provided emergency loans.

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From workers to shareholders, from the poorest to the richest, from those with less power to those who already have too much. While families skip meals and governments cut vital humanitarian aid, we are witnessing a grotesque bonanza for billionaires

Oxfam urged France, Germany, the United Kingdom, Italy, Canada, and Japan to "use their immense financial and diplomatic influence that they are choosing not to exercise" in the face of Washington's "destructive actions." The organization deemed the human cost of these policies "catastrophic," highlighting that between 2024 and 2025, the G7 adopted the largest reduction in official development assistance in its history. Oxfam accused the French presidency of the G7 of making concessions to the United States to ensure President Donald Trump's attendance, such as "excluding topics like climate collapse, growing inequality, and the neces-sity of reforming the international financial system from the debates."

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use their immense financial and diplomatic influence that they are choosing not to exercise