Oil giant Saudi Aramco sees profits jump as prices surge
Saudi Aramco has posted its highest profits since its 2019 listing as oil and gas prices surge around the world.
The state-owned energy giant saw an 82% jump in profits, with net income topping $39.5bn in the first quarter.The invasion of Ukraine has seen oil and gas prices skyrocket. Russia is one of the world's biggest exporters but Western nations have pledged to cut their dependence on the country for energy.
Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic and demand outstripped supply. Other energy firms including Shell, BP and TotalEnergies have also reported soaring profits as a result, although many are incurring costs exiting operations in Russia.Aramco's president and chief executive, Amin Nasser, said on Sunday that the company was "focused on helping meet the world's demand for energy that is reliable, affordable and increasingly sustainable".
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