Saudi state oil company Saudi Aramco continues to benefit from high oil prices. The company made 90 percent more profit in the second quarter of this year than a year earlier.
The company’s net profit in the second quarter amounted to 48.4 billion dollars (more than 47 billion euros). In the same period in 2021, the profit was still 25.5 billion dollars.
The company benefits from both higher production and higher prices. Due to the Russian invasion of Ukraine, oil became considerably more expensive in the first half of this year. At the same time, there is a great demand for fuels. Now that the corona crisis seems to be over, there is economic recovery. As a result, factories are producing more than last year.
The oil company believes that the demand for oil will only increase in the coming years. “Continuous investments in the oil industry are desperately needed. To be able to continue to supply markets enough, but also to ensure a smooth course of the energy transition,” CEO Amin Nasser said in a statement.
For the first six months of this year, the profit of the state-owned company amounted to $ 87.9 billion. A year ago, it was $47.2 billion.