Aramco Beats Expectations with 33% Profit Jump Despite Strait of Hormuz Disruptions

Saudi Aramco reported a significant increase in its adjusted net income for the second quarter of this year, despite disruptions to global oil supplies. The company's profits rose by 33% year on year to $33.4 billion.

The disruption was caused by attacks on tankers passing through the Strait of Hormuz, which saw crude oil and petroleum liquids transiting the area fall by nearly 30%. However, Aramco managed to maintain its production and exports to global markets, thanks to a diverse asset base and multi-decade planning.

Aramco President Amin Nasser credited the company's ability to weather the disruption to years of strategic infrastructure development, including storage capacity and export terminals. The average realized crude oil price also jumped to $108.10 a barrel in the quarter, up from $66.70 a year earlier.