BP Plc and Royal Dutch Shell Plc, Europe’s biggest oil companies, may say this week that second- quarter earnings climbed because of a surge in crude prices and a rebound in refining profits.

London-based BP may say profit rose 2.9 percent to $5.97 billion from $5.8 billion a year earlier, under accounting that eliminates one-time items, according to the median estimate in a Bloomberg News survey of 11 analysts. Shell probably earned $6.2 billion, a 19 percent jump from $5.2 billion a year earlier, a survey of 10 analysts found.

Profits at the six biggest publicly traded oil companies by sales jumped 23 percent to $36 billion in the quarter, based on JPMorgan Chase & Co. estimates. That’s more than Venezuela’s gross domestic product in the same period. Companies benefited from near-record prices, bolstered by the diplomatic standoff over Iran’s nuclear program and cuts to Nigerian supplies.

Royal Dutch Shell Plc Profit Rise source