Mega profit thanks to the Ukraine war
Aramco makes $50 billion in a quarter
08/14/2022, 10:40 am
The largest oil-producing company in the world is benefiting massively from the aftermath of the Ukraine war. Aramco posted a record profit of $48 billion in the second quarter. Not only Russia’s attack helps.
In view of the explosion in prices on the world markets, the Saudi Arabian oil giant Aramco has again achieved record results. In the second quarter of this year, a profit of 48.4 billion dollars was generated, said the partially state-owned company. It benefited from the oil price consequences of the Russian war of aggression in Ukraine and the significant increase in demand after the corona pandemic abated.
The partially state-owned Saudi Arabian company is the largest oil-producing company in the world. According to the latest figures, net profit jumped 90 percent in the second quarter of this year compared to the same period last year. In the first quarter of 2022, profit was $39.5 billion.
Saudi Aramco had already doubled corporate profits in 2021. The demand for oil rose sharply after the corona pandemic subsided; the Russian invasion of the Ukraine once again boosted demand.
The sharp increase in the price of oil and gas means that energy companies around the world are making leaps in profits. Shell, the largest oil company in Europe, quintupled its profit in the second quarter to 18 billion dollars; the British oil company BP tripled it; the French corporations Totalenergies and Engie each doubled their profits. The situation was similar for Repsol in Spain and ENI in Italy. In Germany, RWE revised its profit forecast sharply upwards.
In several countries, governments are introducing an excess profits tax. In Germany, however, this is a controversial topic.