Commodities
Aramco's Profits Soar Amid Iran Conflict-Driven Oil Price Surge
Saudi Aramco's second-quarter earnings have exceeded expectations, with a 33% increase in adjusted net income to $33.4 billion.
The company's profits were driven by higher crude oil and refined product prices, which offset lower sales volumes due to disruptions caused by the Iran conflict.
Aramco reported revenue of $125.2 billion for the quarter, up from a year earlier, and declared a base dividend of $21.9 billion.
The company's CEO, Amin H. Nasser, described the ongoing geopolitical crisis as 'the biggest supply shock in history,' citing the removal of over 2.6 billion barrels of oil from global markets.