What is windfall tax on oil companies?

Russia’s attack on Ukraine has upset the supply chain, pushing world inflation to uncomfortable levels. And one of the reasons for soaring inflation is the steep rise in crude oil prices.

But as the government exchequers are bleeding, oil and gas companies around the world are minting money – whether upstream, midstream or downstream.

And these gains are not coming because of any improvement in their processes but because of the geopolitical situation.

Crude prices are now hovering close to $120 a barrel. On Wednesday, it was $118 a barrel.