The world’s largest oil company, Saudi Aramco, reports $30.4 billion in third-quarter net income, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases.
Saudi Arabia’s majority state-owned oil giant Aramco, formally known as the Saudi Arabian Oil Co., said its net income more than doubled from $11.8 billion during the same three-month period a year earlier. Last year’s figure came after profits plunged dramatically as global lockdowns slammed oil prices. Net income refers to the amount left after taxes and preferred dividends have been paid.
The 158% spike in earnings follows the global loosening of virus-induced restrictions, tightening of gas supplies and acceleration of vaccination campaigns that have pushed prices of crude sharply higher. The price of international benchmark Brent crude was trading at over $83.50 a barrel on Sunday. As consumption picks up, the group has gradually started adding barrels back to the market, with plans to pump 400,000 more barrels a day each month through December and raise Saudi Arabia’s limit of 11 million barrels to 11.5 million next year.
Shares of Aramco jumped some 1% on the announcement, with a share costing 37.95 riyals, or $10.12 on Riyadh’s Tadawul stock market. Its market capitalization of $2 trillion makes it one of the world’s most valuable companies.
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