Saudi Aramco unveils record profits amid soaring crude prices

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)

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