Saudi Aramco posts 39% jump in Q3 profits on high oil prices

Saudi Aramco posts 39% jump in Q3 profits on high oil prices

RIYADH: Saudi Aramco on Tuesday posted a 39-percent jump in third-quarter profits year-on-year boosted by higher oil prices resulting largely from Russia’s invasion of Ukraine. The announcement came as the OPEC+ cartel of oil producers was set to implement production cuts that have drawn the ire of the United States, which says the move-approved at a meeting last month-amounts to “aligning with Russia” in the conflict.

The energy giant’s net income totaled $42.4 billion-up from $30.4 billion during the same period last year-and was “primarily driven by higher crude oil prices and volumes sold”, it said in a filing with the Saudi stock exchange. CEO Amin Nasser touted the firm’s “strong earnings and record free cash flow” of $45 billion, up from $28.7 billion at this time last year.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” he said in a statement. Aramco’s latest financial results were published just days before the COP27 climate summit aimed at curbing global warming.

Last year, ahead of the COP26 climate-change summit, Saudi Arabia