Saudi Aramco profits surge 34.6% in third quarter
Oil giant reports higher third-quarter earnings on elevated oil prices, but its CEO warns of a global crisis in the sector amid geopolitical uncertainty and attacks on energy infrastructure. The post Saudi Aramco profits surge 34.6% in third quarter appeared first on ANBA News Agency .
Saudi Arabian oil company Aramco reported a 34.6% increase in net profit for the third quarter, reaching SAR 135.9 billion (USD 36.2 billion) compared to SAR 101 billion (USD 26.4 billion) in the same period last year. The Middle East conflict continues to drive crude prices higher, despite ongoing attacks on oil infrastructure such as tankers, pipelines, and storage facilities.
The kingdom's strategic oil routes, including the Bab el-Mandeb and Strait of Hormuz, have faced blockades. Aramco CEO Amin H. Nasser acknowledged that the conflict significantly impacted energy security but expressed confidence that the company could expand its East-West pipeline capacity to 10 million barrels per day.
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