Monday 9 August 2021 7:14 am

Aramco posts fourfold rise in profit as oil prices bubble up

Oil behemoth Saudi Aramco saw its second quarter profit jump fourfold on the back of rising crude prices and increased demand for fuel.

The world’s biggest oil producer said that its net income rose 288 per cent in the last quarter to $25.5bn (£18.4bn).

Analysts had expected the firm to make a net profit of $23.2bn, Reuters said.

Aramco added that its performance had been helped by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.

Since collapsing to historic lows last spring as the entire world went into lockdown, oil prices have steadily climbed back past pre-pandemic levels.

With the global economy slowing stirring, they have continued to rise. Last month Brent crude touched $80 for the first time in several years, and now stands around $70.

“Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,” Aramco chief executive Amin Nasser said in a statement.

The firm declared a dividend of $18.8bn in the second quarter, in line with its own target, which will be paid in the third quarter.

It is one of a number of oil giants to have posted massively improved results in the latest quarter. Shell, for instance, posted its highest quarterly profit in two years, while BP also beat analyst profit estimates.

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