Rising energy prices around the world are boosting profits for Saudi Arabian oil company Aramco. The state-owned company on Sunday reported a 90 percent increase in net revenue to 181.64 billion riyals (about 47.2 billion euros or $48.4 billion) for the second quarter, beating expectations.
Like its competitors, Aramco is benefiting from oil and natural gas prices reaching multi-year highs this year after Western sanctions against major exporter Russia added further pressure to an already tense global energy market. Fuel production margins skyrocketed around the world, boosting profits for Western oil giants such as Exxon Mobil, Shell, Total and Chevron.
Saudi Aramco had already doubled corporate profits in 2021 to $110 billion. Demand for oil rose sharply after the corona pandemic; the Russian invasion of Ukraine has again increased demand. The group expects oil demand to continue to rise throughout the decade, despite the bleak near-term outlook for the global economy, Aramco chief executive Amin Nasser said.
Source: Krone
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