Saudi Aramco: Saudi oil giant’s profit rises by 288% as Covid-19 restrictions ease worldwide

The Saudi Arabian Oil Company, Saudi Aramco, reported profits jump as a result of rise in oil prices and as demand recovers.

The company added that the easing of Covid-19 restrictions, vaccinations, stimulus measures and the return of economic activity have supported results.

Crude oil prices have risen by more than 30% since the start of the year. The firm, which is the world’s biggest oil producer, said net income rose by 288% to $25.5 billion for the second quarter.

“Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,” Amin Nasser said in a statement.

Aramco is the latest major energy firm to report strong results in recent weeks. Earlier US energy giant Exxon Mobil posted a rise in income of $4.7 billion in the second quarter, compared to a loss of more than $1 billion for the same period last year. Europe’s Royal Dutch Shell also reported its highest quarterly profit in more than two years.

With economies easing Covid restrictions and opening up, global demand is recovering, boosting the price of oil.

Brent crude has also been boosted to around $70 a barrel after the Organization of the Petroleum Exporting Countries and its allies, a group known as Opec+, agreed to cut oil production.

However, higher crude oil prices will have a knock-on effect on drivers as they push up the cost of petrol.