Aramco Q2 profit soars on higher prices and demand recovery

Saudi state oil producer joins other oil majors who have reported strong results in recent weeks

Oil prices, boosted by output cuts, closed at $70.70 a barrel on Friday, and have gained over 35%  since the start of the year.  Photograph: Getty Images

Oil prices, boosted by output cuts, closed at $70.70 a barrel on Friday, and have gained over 35% since the start of the year. Photograph: Getty Images

 

Saudi Arabian state oil producer Aramco reported a near fourfold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.

Aramco said its results were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.

Aramco joins other oil majors who have reported strong results in recent weeks.Oil prices, boosted by output cuts made by the Organization of the Petroleum Exporting Countries and their allies, a group known as Opec+, closed at $70.70 a barrel on Friday, and have gained over 35 per cent since the start of the year.

“Our second-quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible as the global recovery gains momentum,” Aramco chief executive Amin Nasser said in a statement.

Aramco’s net profit rose to 95.47 billion riyals (€21.7bn) for the quarter to June 30th from R24.62 billion a year earlier. – Reuters