Saudi Aramco reports $42.4 billion profit in third quarter

Saudi Aramco reports $42.4 billion profit in third quarter

DUBAI -

Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide.

The oil firm’s profits will help fund the kingdom’s Crown Prince Mohammed bin Salman bin Abdulaziz’s plans for a futuristic city on the Red Sea coast, but also come as the US grows increasingly frustrated by higher prices at the pump chewing into American consumer’s wallets.