Home News $48.4 billion in a single quarter

$48.4 billion in a single quarter

Saudi Arabian oil giant Aramco

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The Saudi oil group Aramco reported on Sunday a record net profit of 48.4 billion dollars in the second quarter of this year, thanks to the increase in the price of oil, the volume of sales and the improvement of the refining margin, reports AFP and Agerpres.

Saudi Aramco said that in the quarter ended June 30, its net profit rose 90% year-on-year to 181.64 billion riyals ($48.39 billion), a new quarterly record. recorded by the world’s largest oil producer, after the net result of 39.5 billion dollars in the January-March quarter.

“Even though global market volatility and economic uncertainties persist, the events that took place in the first half of this year confirm our view that it is essential that we continue to invest in our industry, both to help ensure that the markets remain well supplied, as well as to facilitate an orderly energy transition,” said Aramco CEO Amin Nasser.

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“We expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on the near-term global forecast,” Nasser added.

The results announced by Aramco for the second quarter of this year are the highest since the company went public at the end of 2019, and are also above analysts’ estimates, which had called for a net profit of $46.2 billion.

Aramco thus joins other major oil companies that have reported solid results in recent weeks. For example, the American giant Exxon Mobil Corp reported at the end of July the highest quarterly net profit in history, of $17.9 billion in the second quarter, almost four times higher than in the same period last year. The improvement in margins resulting from the production of fuels such as petrol and diesel have improved worldwide, which has boosted the profits of all oil companies, including European ones.

The management of Aramco also informed that it will grant dividends worth 18.8 billion dollars for the second quarter, to be paid between July and September. Dividends paid by Aramco are a vital source of revenue for the Government of Saudi Arabia.

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However, the oil monarchies of the Persian Gulf, including Saudi Arabia, are resisting the Western pressures that demand an increase in crude oil production, affirming instead the commitments they have assumed within the OPEC+ alliance, of which Russia is also a part. At its last ministerial meeting, OPEC+ only decided on a “symbolic” increase in production by 100,000 barrels per day, starting in September, despite the call launched by the US president, Joe Biden, to Saudi Arabia, the organization’s de facto leader, to pump more oil into the market.

Aramco is the largest oil company in the world with crude oil reserves of approximately 265 billion barrels, or 15% of the world’s oil reserves.

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