Saudi oil giant Aramco has broken its own record with a profit of $48.4bn (£39.8bn) in the second quarter of 2022.
That’s a 90% year-on-year increase and marks the biggest gain for the world’s biggest energy exporter since its IPO three years ago.
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According to Bloomberg, the figure for the Saudi oil giant company represents “the largest adjusted quarterly profit of any listed company”.
Adding to record profits, the state-owned Saudi energy company announced it would maintain its profit for the third quarter at $18.8 billion.
The company said it will continue to expand to meet demand.
Aramco’s chairman said, “While global market volatility and economic uncertainty remain, events during the first half of this year support our view that continued investment in our industry is necessary to ensure that to ensure that markets are well supplied and to facilitate an orderly energy transition.” And CEO Executive Amin Nasir said.
“In fact, we expect oil demand to continue growing for the remainder of the decade, despite downward economic pressures on near-term global forecasts,” he added.
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Even before the Ukraine war, oil giant prices were rising as economies began to recover from the Covid-19 pandemic and demand outstripped supply.
The world’s biggest oil producers, including ExxonMobil, Chevron and BP, have posted huge profits this year, prompting calls for governments to impose windfall taxes amid alarmingly high oil prices. Is.
In June, US President Joe Biden said Exxon had “made more money than God this year.”
Saudi Arabia is the largest individual producer in OPEC, a group representing the world’s largest oil giant producers.
Last week, OPEC+ agreed to raise production slightly to help offset high oil prices. However, the latest increase in output comes at a much slower pace than in recent months.
The decision was a blow to leaders, including Biden, who have called for increased production.
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