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It’s the finest of businesses with glittering ethics.
Australia’s largest oil and gas producer, Woodside Energy, has emerged as one of the nation’s biggest corporate beneficiaries of the Iran war, reporting nearly a 30 per cent revenue jump to $6 billion over the past three months.
As the conflict in the Middle East pushes the world deeper into an energy crisis, Woodside’s quarterly sales update on Wednesday offers one of the clearest signs yet that surging fossil fuel prices are delivering major earnings boosts to exporters that operate outside the Persian Gulf, whose cargoes have become increasingly valuable as buyers seek reliable alternative supplies.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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