Saudi Aramco profit soars on higher prices and refining margins – Reuters

Saudi Aramco profit soars on higher prices and refining margins – Reuters

DUBAI, Aug 14 (Reuters) - Saudi Arabian state oil producer Aramco (2222.SE) reported a 90% rise in second-quarter profit on Sunday, beating analyst expectations, boosted by higher oil prices, volumes sold and refining margins.

The company expects "oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts," Aramco chief executive Amin Nasser said in the earnings report.

Aramco's net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.