Britain’s largest gas provider is facing accusations of profiting from the ongoing conflict in the Middle East while consumers struggle with escalating prices. Equinor, a major Norwegian energy company, reported profits of nearly £7 billion in the first quarter of this year, benefiting from the surging prices of oil and gas. These robust financial results have reignited calls for a windfall tax to be imposed on energy companies.

Equinor recorded its highest profit in three years, surpassing last year’s earnings of £6.35 billion, driven by increased production levels and the spike in prices influenced by the Iran conflict. This follows BP’s recent announcement of a profit surge to almost £2.4 billion in the same period due to a significant rise in oil prices. Shell is set to unveil its latest financial results later this week.

Anders Opedal, Equinor’s President and CEO, praised the company’s outstanding operational performance and record-breaking production levels. He attributed the strong financial results to elevated prices and ongoing geopolitical tensions disrupting energy markets and prices.

According to Equinor, the disruption in global energy supplies resulting from the conflict between the US, Israel, and Iran, as well as the closure of the Strait of Hormuz, is expected to persist even after hostilities cease. Angharad Hopkinson from Greenpeace UK criticized Equinor for profiting immensely from the conflict at the expense of struggling households.

Tessa Khan, Executive Director of Uplift, condemned Equinor for reaping substantial profits from the conflict and increasing bills for consumers. She emphasized the need for the UK government to prioritize public needs for affordable energy and environmental safety over the company’s profit-driven agenda.