Reader Q&A: ask our reporters anything about fossil fuel profits and the climate crisis – live

Why This Matters

Key context: <p>Last week reporters Jillian Ambrose and Damian Carrington published a piece which revealed that biggest oil firms made $93bn in profits in three months amid the war in Iran and the climate crisis. They’re online now to to discuss their story and any other questions you might have</p><p><strong>Ask a question: log in or sign up </strong><a href="https://profile.theguardian.com/signin"><strong>here</strong></a></p><p><br></p><p><strong><a href="https://discussion.theguardian.com/comment-permalink/175370062">Mazter</a> asks</strong>: I see that oil imports into China have dropped about 30%. And that may be the reason the oil price hasn’t gone far higher, is that correct?</p><p>Also, that 30% may represent a ~15% reduction in demand, plus another ~15% from drawing down on their huge strategic reserve. Is filling/building that reserve why their oil demand hadn’t dropped the last 5(ish)yrs, despite a huge shift to electric transport?</p><p>You are right - China is the reason the US-Israeli war on Iran has not pushed oil prices higher. This <a href="https://www.economist.com/finance-and-economics/2026/08/09/china-is-now-the-worlds-great-oil-power">excellent article from the Economist</a> explains”</p><p><em>“Between February and June, China slashed its crude imports by half, or 5.5m barrels per day - enough, experts reckon, to have shaved $30 or more off Brent, the global benchmark. That is more than half of the worldwide decline during the covid-19 lockdowns … As one oil-trading boss puts it, ‘China is the new OPEC’.”</em></p><p>It is one of the craziest aspects of the climate crisis that governments provide colossal subsidies for fossil fuels - the subsidies are pouring fuel on the fire.</p><p>In 2023, the <a href="https://www.iea.org/topics/fossil-fuel-subsidies">IEA reports</a>, governments subsidised the use of fossil fuels to the tune of $620bn, far greater than the $70bn was spent on support for consumer-facing clean energy. The <a href="https://www.oecd.org/en/publications/oecd-inventory-of-support-measures-for-fossil-fuels-2025_6fff0cb7-en/full-report.html">OECD</a> puts the fossil fuel number at $920bn. These are direct subsidies. When you add in indirect ones - like the cost of air pollution - as <a href="https://www.theguardian.com/environment/2023/aug/24/fossil-fuel-subsidies-imf-report-climate-crisis-oil-gas-coal">the IMF does</a>, the figure soars to $7tn a year. That is more than the estimated total revenue for the oil and gas industry alone in 2024 of <a href="https://finance.yahoo.com/news/oil-gas-global-industry-guide-134700139.html">about $6tn</a>.</p> <a href="https://www.theguardian.com/environment/live/2026/aug/11/reader-qa-ask-our-reporters-anything-about-fossil-fuel-profits-and-the-climate-crisis">Continue reading...</a> This development from The Guardian highlights ongoing changes in the sector.