Saudi Aramco achieves record profits

The Saudi Aramco oil company has seen its profits grow by 90 per cent in the second quarter of 2022, the official Saudi Press Agency has reported. The company’s profits hit 18.8 billion Saudi riyals ($48 bn), an expected outcome due to the surge in oil prices.

Aramco’s net profits came higher than analysts’ forecasts. In the second quarter of 2022, free cash flow increased by 53 per cent to $34.6bn, an increase that was “mainly driven by higher cash from operating activities.”

The remarkable rise in net profit is said to result from “higher crude oil prices and volumes sold, and higher refining margins.”

Commenting on the company’s results, Aramco’s CEO Amin Nasser is quoted on the company’s official website as saying, “Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.”

He added that the company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.”

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