Decline
On the decline of oil prices in the third quarter of this year, sources revealed that Brent crude’s average price decreased by seven percent compared to the same period last year. They added this negatively affected the profits of major international companies, citing as an example the American company Exxon Mobil which announced that its net profits declined by five percent in the third quarter of this year, and that its profits decreased in the first nine months to about $26 billion compared to its profits in the same period last year. Sources clarified many non-geopolitical factors contributed to the oil price decline like a slowdown in demand and low profit margins of gasoline, diesel and other oil derivatives.

Sources added another global oil company whose profits declined this year is the American company Chevron, as its net profits for the third quarter reached $4.5 billion compared to the same period in 2023, in addition to a decrease in net profits in the first nine months by nearly $14 billion. The Italian company, Eni, it suffered a decline in profits by 72 percent, the French company Total Energy’s net profits fell by 65 percent or $2.29 billion despite achieving net profits of $6.67 billion in the same period last year. The profits of Norwegian company, Quinnor, decreased by more than eight percent -- $2.28 billion in third quarter of 2024, but it is not a high percentage compared to the same period last year, when it achieved about $2.5 billion. Shell Global experienced the same with 38 to 39 percent decline as it earned about $4 billion in the third quarter of this year, compared to about $7 billion in the same period last year. British oil company BP’s profits decreased by 32.2 percent -- $2.23 billion this year compared to last year’s $3.29 billion.