Aramco Profits Soar 44% as War Drives Up Energy Prices
Oil giant Saudi Aramco reported a significant surge in net profits due to the ongoing war, which has driven up energy prices. The company's quarterly statement revealed that its net income rose by 44% from April to June, reaching 122.6 billion Saudi riyals ($32.7 billion). This figure is higher than the 85 billion riyals reported in the same period last year.
The increase in profits comes despite Iran's blockade of the Strait of Hormuz and attacks on Saudi ships in the Red Sea by Yemen's Houthi rebels. The blockade has resulted in a reduction in oil output, but Aramco was able to maintain business continuity due to its 'diverse asset base and multi-decade planning'.
Aramco president and CEO Amin H. Nasser cited the company's ability to re-route oil via its massive East-West pipeline as a key factor in maintaining production levels. The pipeline allows millions of barrels of crude to be delivered daily to export terminals on the Red Sea coastline, minimizing the impact of the blockade.