Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion as oil prices remain high globally.
Saudi Arabia is currently producing around 10 million barrels per day, with much of that exported to Asia and its largest customer, China.Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince's spending power as people around the world pay higher oil prices at the pump.
Aramco's net profits for the first half of the year were helped by strong second-quarter earnings that hit $48.4 billion — a figure higher than the first full half year of 2021, when profits reached just $47 billion. The oil and gas company, which is nearly entirely state-owned by Saudi Arabia, said this sets a new quarterly earnings record for Aramco since it first floated around 5% of the company on the Saudi stock market in late 2019.
Aramco said profits were helped by higher crude oil prices and volumes sold, as well as higher refining margins. The vast oil reserves belonging to Saudi Arabia are among the cheapest to pump and produce in the world.
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