The five largest global oil companies have posted another round of huge quarterly profits, generating nearly $50 billion in combined net income, lifted by tight global markets and disruption caused by the Russia-Ukraine conflict.

BP on Tuesday reported its third-quarter profit more than doubled from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion.

Shell, Exxon Mobil, TotalEnergies and Chevron also reported bumper profits last week, benefiting from surging natural gas and fuel prices that have boosted inflation around the world.

The sheer size of the profits has heightened calls from politicians and consumer groups to impose more taxes on the companies to raise funds to offset the hit to households, businesses and the wider economy from higher energy costs.

U.S. President Joe Biden on Monday threatened to hit these companies with higher taxes if they do not increase production.

New British Prime Minister Rishi Sunak unveiled a windfall tax on the profits of UK energy companies earlier this year when he was finance minister.

BP said it expects to pay about $2.5 billion in taxes on its British North Sea business this year, including $800 million in the 25 percent windfall tax the UK government imposed.

The Sunak government should explore the possibility of extending that windfall tax on oil and gas firms in a fiscal statement due in November, the president of the COP26 climate summit, Alok Sharma, said last week.

The top five Western oil and gas companies paid out a record $29 billion in dividends and share buybacks in the third quarter, Reuters calculations show.

(With input from Reuters, AFP)