Aramco Defies Gulf Disruptions with Record Q2 Profit
Saudi Aramco reported a significant increase in profit for the second quarter of this year, despite disruptions to shipping through key Gulf waterways. The company's net profit rose 44% to $32.69 billion during the April-to-June period.
The strong earnings were primarily driven by higher prices for refined petroleum products, chemicals, and crude oil, according to Al Jazeera. However, oil sector activity in Saudi Arabia fell 24.7% compared with the same period last year.
This decline contributed to a 4.8% contraction in the kingdom's real gross domestic product during the second quarter. The disruptions were caused by Iran's closure of the Strait of Hormuz and strikes on energy infrastructure in the Gulf, as well as a blockade announced by Yemen's Houthi movement against Saudi Arabia in the Bab al-Mandeb Strait.