Commodities
Aramco Posts Record Profit Amid Ongoing Middle East Tensions
Saudi oil giant Aramco reported a 44% increase in second-quarter net profit to $32.69 billion, despite disruptions caused by the Strait of Hormuz.
The company's CEO Amin Nasser attributed this success to its diverse asset base and multi-decade planning, which allowed it to maintain business continuity.
Aramco rerouted shipments through the East-West Pipeline to the Red Sea port of Yanbu, maintaining a supply reliability rate of 98.4% during the quarter.