by Hadeel Al Sayegh
DUBAI, Aug 14 (Reuters) – National oil giant Saudi Aramco on Sunday reported its highest quarterly profit since the company went public in 2019, boosted by rising oil prices and refining margins.
Aramco joins oil majors like Exxon Mobil Corp and BP, which have all benefited from soaring energy prices following Western sanctions on Russia.
The group expects “oil demand to continue to grow for the rest of the decade despite downward economic pressures on near-term global forecasts,” chief executive Amin Nasser said in the statement. Aramco results.
The group’s net profit rose 90% to 181.64 billion riyals ($48.39 billion) in the quarter ended June 30, from 95.47 billion riyals a year earlier, as the 15 analysts’ average estimate was $46.2 billion.
In a telephone press conference, Amin Nasser expressed concern about the lack of investment in hydrocarbons, which translates into “very limited” capacity reserves at the global level. (Hadeel Al Sayegh report, edited by Jean-Michel Bélot)