The head of the International Energy Agency revealed on Twitter that the global energy sector earned almost $4 trillion in 2022, emphasizing that the earnings are a massive increase over the recent average.

On his Twitter account, Fatih Birol wrote, “The global oil and gas industry’s income jumped to almost $4 trillion in 2022, a huge rise from its recent average of $1.5 trillion.”

According the his data, yearly oil and gas revenue over recent years has averaged between $1 trillion and $2 trillion.

Birol continued, saying, “The sector has a unique opportunity to invest a significant chunk of this in clean energy transitions, especially in emerging & developing economies.”

As prices for energy products soared due to supply constraints generated by geopolitical conditions, following Russia’s invasion of Ukraine, the world’s energy majors have been reporting record-breaking profits, as regular consumers in households and businesses have seen their energy bills skyrocket.

In early February, British energy major Shell reported record annual profits of $39.9 billion for 2022. ExxonMobil revealed in January it had generated $56 billion in profits for 2022, which was an all-time high for the oil industry. Another US energy major, Chevron made $36.5 billion in 2022.

One analysis by Refinitiv found that the five super-majors, composed of ExxonMobil, BP, Chevron, Shell, and TotalEnergies, would, combined, report $200 billion of profits for 2022, after the surge in energy prices for the year.