After Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring, oil giant Saudi Aramco unveiled record profits of $48.4 billion in the second quarter of 2022.

Aramco president and CEO Amin H. Nasser said "While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential."

He added that Aramco stands ready to raise crude oil output to its maximum capacity of 12 million BPD if requested to do so by the Saudi Arabian government.

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Following the $39.5 billion profit for Q1, net income leapt 90 per cent year-on-year for the world's biggest oil producer.

According to Bloomberg, Aramco's massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide.

Following a dramatic strike in Jeddah that sent smoke billowing during a Formula One practice session in March, Aramco recovered quickly.

Generating $29.4 billion in the world's biggest initial public offering, Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019.

Aramco is the world's second most valuable company after Apple with a market valuation of $2.4 trillion.

Aramco, which is the leading source of income for the conservative kingdom and is a "crown jewel", has pledged to reach "operational net zero (carbon) emissions" by 2050.

 
(With inputs from agencies)

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After Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring, oil giant Saudi Aramco unveiled record profits of $48.4 billion in the second quarter of 2022.

After Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring, oil giant Saudi Aramco unveiled record profits of $48.4 billion in the second quarter of 2022. Aramco president and CEO Amin H. Nasser said "While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential." He added that Aramco stands ready to raise crude oil output to its maximum capacity of 12 million BPD if requested to do so by the Saudi Arabian government. × Following the $39.5 billion profit for Q1, net income leapt 90 per cent year-on-year for the world's biggest oil producer. According to Bloomberg, Aramco's massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide. Following a dramatic strike in Jeddah that sent smoke billowing during a Formula One practice session in March, Aramco recovered quickly. Generating $29.4 billion in the world's biggest initial public offering, Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019. Aramco is the world's second most valuable company after Apple with a market valuation of $2.4 trillion. Aramco, which is the leading source of income for the conservative kingdom and is a "crown jewel", has pledged to reach "operational net zero (carbon) emissions" by 2050. (With inputs from agencies) Watch WION's live TV here: ×

Saudi Aramco unveils record profits amid soaring crude prices

Yemen's Houthi movement claimed to have targeted Saudi Arabia's Aramco facilities in the port city of Jizan, reports said.

Houthi's Al Masirah TV quoted the spokesman saying that Saudi Aramco facilities on the Red Sea were were targeted. However, Aramco hasn't commented on the incident.

The military spokesman reported said the group had targeted the Abha and Jizan airports "with a large number of rockets and drones".

Aramco's was earlier targeted last year by the Houthis but Saudi Arabia had blamed the attack on Iran.

Yemen's Houthi movement claimed to have targeted Saudi Arabia's Aramco facilities in the port city of Jizan, reports said. Houthi's Al Masirah TV quoted the spokesman saying that Saudi Aramco facilities on the Red Sea were were targeted.

Yemen's Houthi movement claimed to have targeted Saudi Arabia's Aramco facilities in the port city of Jizan, reports said. Houthi's Al Masirah TV quoted the spokesman saying that Saudi Aramco facilities on the Red Sea were were targeted. However, Aramco hasn't commented on the incident. The military spokesman reported said the group had targeted the Abha and Jizan airports "with a large number of rockets and drones". Aramco's was earlier targeted last year by the Houthis but Saudi Arabia had blamed the attack on Iran.

Saudi Arabia's Aramco facilities in Jizan targeted, claim Yemen's Houthis

France has deployed a radar system on the eastern coast of Saudi Arabia to beef up its ally's defences after missile attacks on the kingdom's oil infrastructure in September, French officials said.

<a href="https://www.wionews.com/world/attacks-on-aramco-oil-facility-unquestionably-sponsored-by-iran-saudi-arabia-250445">Also Read: Attacks on Aramco oil facility unquestionably sponsored by Iran, says Saudi Arabia</a>

Paris has blamed Iran for carrying out the drone and missile attack, which crippled the world's biggest oil processing facility in Saudi Arabia, and had promised to provide assistance to prevent a repeat of the incident.

"In the Arabian Peninsula and Arab-Persian Gulf, where tensions are mounting, we have deployed in record time the Jaguar Task Force, which contributes to reassuring the Saudi kingdom," President Emmanuel Macron said in a speech to the French military late on Thursday.

The initiative had not been announced until now.

The United States' withdrawal in 2018 from Iran's nuclear deal with world powers and the reimposition of US&nbsp;sanctions has triggered an escalation in tensions over several months that briefly led to open conflict in January.

French officials said a radar system as part of the Jaguar Task Force mission had been deployed on the eastern coast of Saudi Arabia facing the Gulf. They declined to give further details.

Iran's Revolutionary Guards can take their fight beyond Iran's borders, Supreme Leader Ayatollah Ali Khamenei said on Friday, responding to the US&nbsp;killing of a top general and to unrest at home over the accidental downing of an airliner. 
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France has deployed a radar system on the eastern coast of Saudi Arabia to beef up its ally's defences after missile attacks on the kingdom's oil infrastructure in September, French officials said.

France has deployed a radar system on the eastern coast of Saudi Arabia to beef up its ally's defences after missile attacks on the kingdom's oil infrastructure in September, French officials said. Also Read: Attacks on Aramco oil facility unquestionably sponsored by Iran, says Saudi Arabia Paris has blamed Iran for carrying out the drone and missile attack, which crippled the world's biggest oil processing facility in Saudi Arabia, and had promised to provide assistance to prevent a repeat of the incident. "In the Arabian Peninsula and Arab-Persian Gulf, where tensions are mounting, we have deployed in record time the Jaguar Task Force, which contributes to reassuring the Saudi kingdom," President Emmanuel Macron said in a speech to the French military late on Thursday. The initiative had not been announced until now. The United States' withdrawal in 2018 from Iran's nuclear deal with world powers and the reimposition of US sanctions has triggered an escalation in tensions over several months that briefly led to open conflict in January. French officials said a radar system as part of the Jaguar Task Force mission had been deployed on the eastern coast of Saudi Arabia facing the Gulf. They declined to give further details. Iran's Revolutionary Guards can take their fight beyond Iran's borders, Supreme Leader Ayatollah Ali Khamenei said on Friday, responding to the US killing of a top general and to unrest at home over the accidental downing of an airliner.

After Aramco attack, France deploys radars in Saudi Arabia's east coast

Saudi Arabia said on Wednesday that strikes on its oil infrastructure came from the "north" and were <a href="https://www.wionews.com/world/initial-investigations-show-iranian-weapons-were-used-in-attacks-foreign-ministry-250405">sponsored by Iran</a>, but added the kingdom was still investigating the exact launch site.

"The attack was launched from the north and unquestionably sponsored by Iran," defence ministry spokesman Turki al-Maliki said. "We are working to know the exact launch point."

Yemen's Iran-aligned Houthi movement had&nbsp;claimed responsibility for the strikes, but the spokesman for the Saudi-led military coalition battling the group had said preliminary findings indicated the attack was not launched from Yemen.

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However, Maliki&nbsp;would not be drawn on whether Saudi Arabia believed Iran would ultimately be found to be the culprit, only saying they were confident they would find where the weapons were fired from.

Maliki displayed pieces of what he said were cruise missiles and drones used in the strike, recovered from the site of Saturday's attack in the country's east.&nbsp;

He said a combination of 18 drones and seven cruise missiles fired at the two key oil installations from a direction that ruled out its southern neighbour Yemen as a source.

The Saudi Arabian spokesman reiterated Riyadh's position that the Iran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is mired in a five-year conflict, were not responsible for the assault despite claiming it.

"Despite Iran's efforts to make it appear so" they did not originate from Yemen, he said, adding the strike was beyond the capabilities of the militia -- who have however mounted dozens of smaller attacks on Saudi territory.

In addition, "the targeting direction indicates it came from the north," he added.

Saudi Arabia said on Wednesday that strikes on its oil infrastructure came from the "north" and were sponsored by Iran, but added the kingdom was still investigating the exact launch site.

Saudi Arabia said on Wednesday that strikes on its oil infrastructure came from the "north" and were sponsored by Iran, but added the kingdom was still investigating the exact launch site. "The attack was launched from the north and unquestionably sponsored by Iran," defence ministry spokesman Turki al-Maliki said. "We are working to know the exact launch point." Yemen's Iran-aligned Houthi movement had claimed responsibility for the strikes, but the spokesman for the Saudi-led military coalition battling the group had said preliminary findings indicated the attack was not launched from Yemen. Watch Video: However, Maliki would not be drawn on whether Saudi Arabia believed Iran would ultimately be found to be the culprit, only saying they were confident they would find where the weapons were fired from. Maliki displayed pieces of what he said were cruise missiles and drones used in the strike, recovered from the site of Saturday's attack in the country's east. He said a combination of 18 drones and seven cruise missiles fired at the two key oil installations from a direction that ruled out its southern neighbour Yemen as a source. The Saudi Arabian spokesman reiterated Riyadh's position that the Iran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is mired in a five-year conflict, were not responsible for the assault despite claiming it. "Despite Iran's efforts to make it appear so" they did not originate from Yemen, he said, adding the strike was beyond the capabilities of the militia -- who have however mounted dozens of smaller attacks on Saudi territory. In addition, "the targeting direction indicates it came from the north," he added.

Attacks on Aramco oil facility unquestionably sponsored by Iran: Saudi Arabia

Britain and Germany on Tuesday urged the international community to forge a "collective response" to the drone attacks on Saudi Arabia's oil installations, which US officials <a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">have blamed on Iran</a>.

British Prime Minister Boris Johnson and German Chancellor Angela Merkel discussed the attacks during a telephone conversation, agreeing on "the need to work together, alongside international partners, to agree a collective response," according to Downing Street.

The weekend<a href="https://www.wionews.com/world/oil-falls-more-than-1-per-cent-as-market-awaits-response-to-saudi-oil-attacks-250122"> strikes on Abqaiq</a> -- the world's largest processing plant -- and the Khurais oilfield have knocked out 5.7 million barrels per day (bpd), or six per cent of global production, sending prices soaring.

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Washington has blamed Tehran, and President Donald Trump has said that the United States is ready to help Saudi Arabia, but will wait for a "definitive" determination on who was responsible.

Johnson and Merkel stressed the "importance of avoiding the further escalation of tensions in the region".

The weekend attacks have spiked tensions and prompted concerns about an escalation. Conflict in the Gulf region could put a large portion of global energy supplies at risk.

Britain and Germany on Tuesday urged the international community to forge a "collective response" to the drone attacks on Saudi Arabia's oil installations, which US officials have blamed on Iran.

Britain and Germany on Tuesday urged the international community to forge a "collective response" to the drone attacks on Saudi Arabia's oil installations, which US officials have blamed on Iran. British Prime Minister Boris Johnson and German Chancellor Angela Merkel discussed the attacks during a telephone conversation, agreeing on "the need to work together, alongside international partners, to agree a collective response," according to Downing Street. The weekend strikes on Abqaiq -- the world's largest processing plant -- and the Khurais oilfield have knocked out 5.7 million barrels per day (bpd), or six per cent of global production, sending prices soaring. Washington has blamed Tehran, and President Donald Trump has said that the United States is ready to help Saudi Arabia, but will wait for a "definitive" determination on who was responsible. Johnson and Merkel stressed the "importance of avoiding the further escalation of tensions in the region". The weekend attacks have spiked tensions and prompted concerns about an escalation. Conflict in the Gulf region could put a large portion of global energy supplies at risk.

Need to agree on collective response to Saudi Arabia's oil facility attack, say UK, Germany

Saudi Arabia has shut down its crude oil pipeline to Bahrain after attacks on <a href="https://www.wionews.com/world/dont-need-middle-east-oil-gas-but-will-help-our-allies-says-trump-after-attacks-on-saudi-arabias-aramco-250005">Saudi oil facilities</a>, two trade sources told Reuters on Monday.

The pipeline, which carries 220,000-230,000 barrels per day (bpd) of Arab Light crude from state <a href="https://www.wionews.com/business-economy/international-oil-prices-surge-nearly-20-after-attack-on-saudi-oil-facilities-249978">oil company Saudi Aramco</a> to Bahrain's Bapco, was closed after Saturday's attack reduced output of mainly light crude grades, one of the sources said.

Bapco is working to secure vessels to bring in about 2 million barrels of Saudi crude as a result of the pipeline shutdown, the sources said.

The Abqaiq processing plant was hit at the weekend. It processes crude from the Ghawar, Shaybah and Khurais fields that produce Arab Light or Arab Extra Light.

Bapco shutdown a 22,000 bpd crude distillation unit at its Sitrah refinery on Monday, according to an alert sent to clients from research company IIR.

Another 22,000 bpd CDU, 10,200 bpd Vacuum Distillation Unit 1 and 24,000 bpd Visbreaker Unit had to reduce run rates to 45 per cent.

Saudi state oil firm Aramco and Bapco did not immediately respond to a request for comment.

Saudi Arabia has shut down its crude oil pipeline to Bahrain after attacks on Saudi oil facilities, two trade sources told Reuters on Monday. The pipeline, which carries 220,000-230,000 barrels per day (bpd) of Arab Light crude from state oil company Saudi Aramco to Bahrain's Bapco, was closed after Saturday's attack reduced output of mainly light crude grades, one of the sources said.

Saudi Arabia has shut down its crude oil pipeline to Bahrain after attacks on Saudi oil facilities, two trade sources told Reuters on Monday. The pipeline, which carries 220,000-230,000 barrels per day (bpd) of Arab Light crude from state oil company Saudi Aramco to Bahrain's Bapco, was closed after Saturday's attack reduced output of mainly light crude grades, one of the sources said. Bapco is working to secure vessels to bring in about 2 million barrels of Saudi crude as a result of the pipeline shutdown, the sources said. The Abqaiq processing plant was hit at the weekend. It processes crude from the Ghawar, Shaybah and Khurais fields that produce Arab Light or Arab Extra Light. Bapco shutdown a 22,000 bpd crude distillation unit at its Sitrah refinery on Monday, according to an alert sent to clients from research company IIR. Another 22,000 bpd CDU, 10,200 bpd Vacuum Distillation Unit 1 and 24,000 bpd Visbreaker Unit had to reduce run rates to 45 per cent. Saudi state oil firm Aramco and Bapco did not immediately respond to a request for comment.

Saudi Arabia shuts pipeline to Bahrain after Aramco attacks: Sources

Oil prices surged nearly 20 per cent at one point on Monday, with <a href="https://www.wionews.com/business-economy/dollar-falls-oil-exporter-currencies-rise-after-saudi-attacks-yen-firms-249915">Brent crude posting</a> its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production.

Prices came off their peaks after US&nbsp;President Donald Trump authorised the use of his country's <a href="https://www.wionews.com/world/oil-prices-soar-more-than-10-after-saudi-plant-attacks-249877">emergency stockpile</a> to ensure stable supply.

Brent crude futures, the international benchmark, rose as much as 19.5 per cent&nbsp;to $71.95 per barrel, the biggest intraday jump since January,&nbsp;14, 1991. By 0940 GMT, the contract was at $65.77, up $5.55 or 8.4 per cent.

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US&nbsp;West Texas Intermediate (WTI) futures climbed as much as 15.5 per cent&nbsp;to $63.34, the biggest intraday percentage gain since June 22, 1998. The contract was later at $59.54, up $4.69 or 7.88 per cent.

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Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.

Two sources briefed on Aramco's operations said a full return to normal production volumes "may take months".

"To take out over 5 per cent&nbsp;of global supply in a single strike - a volume exceeding cumulative non-OPEC supply growth over 2014-2018 - is highly worrying," UBS analysts said in a note.

"The departure of US&nbsp;National Security Advisor John Bolton last week was interpreted by many as a reduction in political risk - this event may be significant magnitudes more consequential."

Trump said he had approved the release of oil from the US&nbsp;Strategic Petroleum Reserve if needed in a quantity to be determined.

Trump also said the United States was "locked and loaded" for a potential response to the attack.

Major importers of Saudi crude, such as India, China and Indonesia, will be the most vulnerable to the supply disruption.

Saudi oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters.

South Korea said it would consider releasing oil from its strategic reserves if circumstances worsened in the wake of Saturday's attacks.

The attack on plants in the heartland of Saudi Arabia's oil industry, including the world's biggest petroleum-processing facility at Abqaiq, came from the direction of Iran, and cruise missiles may have been used, a US&nbsp;official said.

"Growing fears of a supply squeeze and heightened geopolitical tensions in the Middle East will add a risk premium for oil prices," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Saudi Arabia is set to become a significant buyer of refined products after the attacks, consultancy Energy Aspects said.

Saudi Aramco is likely to buy significant quantities of gasoline, diesel and possibly fuel oil while cutting liquefied petroleum gas exports.

US&nbsp;gasoline futures rose as much as 12.9 per cent, while US&nbsp;heating oil futures gained 10.8 per cent. China's Shanghai crude futures rose to their trading limit gaining 8 per cent at the open.

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Oil prices surged nearly 20 per cent at one point on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production.

Oil prices surged nearly 20 per cent at one point on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production. Prices came off their peaks after US President Donald Trump authorised the use of his country's emergency stockpile to ensure stable supply. Brent crude futures, the international benchmark, rose as much as 19.5 per cent to $71.95 per barrel, the biggest intraday jump since January, 14, 1991. By 0940 GMT, the contract was at $65.77, up $5.55 or 8.4 per cent. Watch Video: US West Texas Intermediate (WTI) futures climbed as much as 15.5 per cent to $63.34, the biggest intraday percentage gain since June 22, 1998. The contract was later at $59.54, up $4.69 or 7.88 per cent. Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output. Two sources briefed on Aramco's operations said a full return to normal production volumes "may take months". "To take out over 5 per cent of global supply in a single strike - a volume exceeding cumulative non-OPEC supply growth over 2014-2018 - is highly worrying," UBS analysts said in a note. "The departure of US National Security Advisor John Bolton last week was interpreted by many as a reduction in political risk - this event may be significant magnitudes more consequential." Trump said he had approved the release of oil from the US Strategic Petroleum Reserve if needed in a quantity to be determined. Trump also said the United States was "locked and loaded" for a potential response to the attack. Major importers of Saudi crude, such as India, China and Indonesia, will be the most vulnerable to the supply disruption. Saudi oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters. South Korea said it would consider releasing oil from its strategic reserves if circumstances worsened in the wake of Saturday's attacks. The attack on plants in the heartland of Saudi Arabia's oil industry, including the world's biggest petroleum-processing facility at Abqaiq, came from the direction of Iran, and cruise missiles may have been used, a US official said. "Growing fears of a supply squeeze and heightened geopolitical tensions in the Middle East will add a risk premium for oil prices," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures. Saudi Arabia is set to become a significant buyer of refined products after the attacks, consultancy Energy Aspects said. Saudi Aramco is likely to buy significant quantities of gasoline, diesel and possibly fuel oil while cutting liquefied petroleum gas exports. US gasoline futures rose as much as 12.9 per cent, while US heating oil futures gained 10.8 per cent. China's Shanghai crude futures rose to their trading limit gaining 8 per cent at the open.

International oil prices surge nearly 20% after attack on Saudi oil facilities

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