Aramco profit rises 33% on higher oil prices
Saudi oil giant says the Iran war has caused no material disruptions and expects stronger demand as global inventories are rebuilt.
Saudi Aramco's second-quarter profit rose by 33% compared to the previous year, driven by higher oil prices and strong refining margins, despite lower export volumes. The company's CEO, Amin Nasser, attributed its ability to maintain operations to its extensive infrastructure, including the East-West pipeline, storage facilities, and Red Sea export terminals.
The increase in oil prices, largely due to the US-Iran war, and the additional revenue from refined products, such as diesel and jet fuel, helped offset the decline in export volumes. Aramco maintained its base dividend at $21.9 billion, primarily benefiting the Saudi government, which owns almost 98% of the company. Despite some energy facilities being targeted in recent attacks, Aramco reported no material impact on its operations.
The company is exploring ways to expand export capacity, particularly through the Red Sea route, which currently adds about 25 days to shipments to Asia.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
