Summer Earnings Could Burn Oil Giants

The world’s biggest oil and gas firms are set to see their earnings drop this year amid the decline in oil prices and lackluster trading business. Europe’s Big Oil firms have already flagged weaker first-quarter profits, which they will report in the next two weeks. Earnings for the second quarter are expected to further decline compared to both Q1 and the same quarter of 2024, as oil prices have crashed by about $10 per barrel since U.S. President Donald Trump launched the tariff offensive against the rest of the world on April 2,…