Saudi Aramco profits jump 33% in second quarter as Iran war squeezes oil supply
The results come as oil supermajors have reported blowout quarterly profits, benefitting from higher fossil fuel prices amid the Iran war.
In its second-quarter earnings report, Saudi Aramco reported a staggering 33% increase in adjusted net income, reaching $33.4 billion. The world's largest oil company outperformed analyst expectations, demonstrating its resilience amidst ongoing tensions in the Middle East. The heightening conflict between the U.S. and Iran, which has led to disruptions in the Strait of Hormuz, has caused oil prices to soar, benefiting supermajors worldwide.
Aramco, leveraging its strategic assets such as its 1,200-kilometer East-West pipeline to the Red Sea, managed to maintain exports at a record capacity of 7 million barrels per day. Aramco's President and CEO, Amin H. Nasser, emphasized the company's ability to maintain business continuity through its diverse asset base and decade-long planning.
In addition to increased profits, Aramco will distribute a second-quarter base dividend of $21.9 billion over the following three months. Meanwhile, U.S. President Donald Trump criticized major oil companies for profiting excessively from the current market situation, demanding lower fuel prices.
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- Saudi Aramco profits jump 33% in second quarter as Iran war squeezes oil supply cnbc.com
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- Oil giant BP profits more than double due to Iran war - again news.sky.com
