Commodities
Aramco Profits Soar Amid Houthi Attacks on Saudi Oil Infrastructure
Saudi Arabia's oil infrastructure has been targeted again by Houthi rebels. A drone attack on the Aramco refinery in Jizan was claimed by the Houthis, while Saudi authorities reported a fire at the facility but no injuries.
The attack occurred as Aramco announced record-breaking quarterly profits of over $33 billion, up 44% from last year's same period. Higher oil prices and refining margins contributed to this increase.
The Houthis' Houthi military spokesperson Yahya Saree said the drone hit the facility in retaliation for Saudi drone flights in Yemeni airspace. Aramco's profits rose despite a 25% decline in oil and gas production, which was offset by higher crude prices.