Aramco Profits Soar Amid Ongoing Oil Supply Disruptions

Saudi oil giant Aramco reported a significant increase in its second-quarter net profit, driven by higher prices for crude oil and refined products. The company's profits soared by 44% compared to the same period last year.

Aramco's CEO, Amin Naseer, attributed this growth to the company's ability to maintain business continuity despite disruptions in global oil supplies. He noted that the world has lost more than 2.6 billion barrels of oil due to supply chain disruptions caused by the US-Israeli war with Iran.

Naseer warned that these disruptions could have a significant long-term impact on the world economy, particularly if refineries are forced to shut down for extended periods. He emphasized the need for the industry to absorb further disruptions and mitigate their effects on global energy supplies.