Biggest seller of gas to UK posts £7billion profit after Iran war price surge

Britain’s biggest gas supplier has been accused of profiting from the Middle East war while households reel from soaring prices. Norwegian giant Equinor raked in profits of just under £7billion in the first three months of this year, joining rival energy firms in enjoying a bonanza thanks to soaring wholesale oil and gas prices. The bumper results have prompted renewed calls for a windfall tax to be imposed on energy producers. Equinor posted its strongest profit in three years - up from £6.35billion the same time last year - on the back of record output and the Iran war-driven price surge. It comes after oil giant BP last week announced profits more than doubled to almost £2.4billion in the first three months of this year on the back of a surge in the wholesale cost of oil. Rival Shell will release latest results on Thursday. Anders Opedal, president and chief executive of Equinor, hailed what he called its “exceptional operational performance and record‑high production. Combined with higher prices, we present strong financial results. Heightened geopolitical tension continues to disrupt energy flows and commodity prices.” The company said disruption to global energy flows from the US-Israeli war with Iran and the closure of the Strait of Hormuz was likely to persist well beyond any end to hostilities. “If this stops now, we think there at least will be around six months plus before everything is back to normal,” Opedal said. Angharad Hopkinson, political campaigner for Greenpeace UK , said: “Equinor’s massive war-fuelled profits are a direct transfer of wealth from struggling households to a company already swimming in cash.” Tessa Khan, executive director of the group Uplift, said: “Once again, oil giant Equinor – the UK’s biggest gas supplier – is raking in huge profits from a conflict that’s pushing up bills for everyone else. Like BP last week, these are unearned windfall profits driven by Trump’s war with Iran. Yet the industry still has the audacity to lobby the UK government for huge tax cuts. “Equinor now wants to cash in even more by developing the Rosebank oil field, which would be a terrible deal for the UK. Rosebank wouldn’t lower our bills, most of the oil would be exported, and it would see the UK breach its climate commitments. This government must put the needs of the British public – for affordable energy and a safe climate – ahead of this Norwegian oil giant’s relentless pursuit of profit.”