Aramco’s Profit Jumps 90 Percent On Higher Crude Prices

The giant Saudi oil producer said it earned nearly $50 billion last quarter, the latest energy company to record outsize profits after the surge in crude prices since Russia’s invasion of Ukraine in February.
Aramco announced that its second-quarter profit jumped 90 percent over the same period a year ago, reaching $48.2 billion. It is the latest energy producer to report bumper earnings on the back of a surge in the price of oil.

Aramco, the national oil company for Saudi Arabia, said its earnings reflected increased demand for crude and higher refining profits. And the state-run company predicted that demand for oil would continue to grow through the rest of the decade.