TotalEnergies reports record profits, boosted by global tensions over diesel

In early October, TotalEnergies CEO Patrick Pouyanné highlighted the "opportunities" arising from global energy market turmoil, expressing a preference for a "shaken world" over a peaceful one. The ongoing Middle East conflict has significantly benefited the French oil giant, with TotalEnergies reporting a net profit of $8.3 billion for Q3, a 124% increase year-on-year. This follows a strong first half of the year, where the company earned $11.2 billion, up 72% from the previous year. The surge in global oil prices and refined product tensions, particularly diesel, have driven profits, with refining-chemicals division achieving a record $3.6 billion, doubling from the previous quarter and quintupled from a year ago.