Western oil companies reaping windfall profits amid Russia's export woes

Business Nov 03, 2025

Big oil companies like Shell, Exxon Mobil, Chevron, and TotalEnergies are making bigger profits thanks to a sharp drop in Russian fuel exports.
Ukrainian drone strikes since July have disrupted Russia's diesel and fuel oil shipments, pushing Russian exports to their lowest point in five years.
This supply crunch has made refining more profitable for these Western firms.

Refining margins have spiked

With less Russian fuel on the market, global refining margins have spiked—helping these companies boost their third-quarter profits by 61%.
New EU sanctions (coming in 2026) and recent US restrictions on major Russian energy players are expected to keep demand high for non-Russian crude, giving Western oil majors an even bigger edge despite ongoing market uncertainty.