Aramco Q1 profits jump 30% on oil market recovery

SourceKuwait Times
SectorFinancial Markets
CountryGulf

RIYADH: Energy giant Saudi Aramco yesterday posted a 30 percent jump in first quarter profits, beating forecasts in a sign of recovery from last year’s oil market crash fueled by the coronavirus pandemic. Aramco said its net profit rose to $21.7 billion in the first three months of the year, compared to $16.7 billion in the same quarter of 2020, owing to a stronger oil market and higher refining and chemicals margins.

The bumper results follow strong profits posted last month by major oil firms – from American giants ExxonMobil and Chevron to Britain’s BP and France’s Total – as a recovery in crude prices fuelled their rebound from the pandemic. “The momentum provided by the global economic recovery has strengthened energy markets,” Aramco chief executive Amin Nasser said in a statement.

“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming.

And while some headwinds still remain, we are...read more...