Saudi Aramco’s profits shoot up 90% to another record as the energy crisis sends oil prices soaring

Saudi Aramco’s profits shoot up 90% to another record as the energy crisis sends oil prices soaring

Saudi Arabia's state oil company has posted a 90% jump in quarterly profits as oil prices soar.

Saudi Aramco made $48.4 billion in the second quarter, nearly as much as the five biggest western energy majors combined.

Crude prices have risen significantly this year as Russia's invasion of Ukraine squeezes commodities.

Saudi Aramco has posted an eye-watering 90% jump in quarterly profit, notching another record as oil prices soar during the energy crisis.

Saudi Arabia's state oil and gas company pulled in $48.4 billion in the second quarter of 2022, according to its earnings report published Sunday. That's up from $25.5 billion from the same period last year and above analyst expectations for $46.2 billion.

Aramco has benefited from surging oil prices during a global energy crisis that has been intensified by western sanctions imposed on Russia over its invasion of Ukraine. Brent crude has climbed over 21% in 2022 so far, while WTI crude has jumped more than 17%.

The state-owned energy major's CEO Amin H. Nasser said he does not expect oil demand to fall, even though rises in gasoline prices and the risk of a recession has led to some fears of demand destruction.

"Our record second-quarter results reflect increasing demand for our products