Saudi Aramco has posted an eye-watering 90% jump in quarterly profit, notching another record as oil prices soar during the energy crisis.
Saudi Arabia’s state oil and gas company pulled in $48.4 billion in the second quarter of 2022, according to its earnings report published Sunday. That’s up from $25.5 billion from the same period last year and above analyst expectations for $46.2 billion.
Aramco has benefited from surging oil prices during a global energy crisis that has been intensified by western sanctions imposed on Russia over its invasion of Ukraine. Brent crude has climbed over 21% in 2022 so far, while WTI crude has jumped more than 17%.
