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Saudis report record oil gains, about 50 mld in 3 months

2022-08-14 20:03:44Biznes SHKRUAR NGA REDAKSIA VOX

Saudis report record oil gains, about 50 mld in 3 months

Saudi oil giant Aramco has broken its record with a profit of $48.4 billion for the second quarter of 2022.

It is a 90 percent year-on-year increase and marks the largest gains for the world's largest fuel exporter since its public listing three years ago.

The Russian invasion of Ukraine has raised the price of oil and gas to record levels. Russia is one of the world's largest exporters, but Western countries have pledged to curb their dependence on the country for their energy needs.

According to Bloomberg, the Saudi oil giant's figure represents "the largest quarterly profit by any company."

In addition to record profits, the Saudi state energy giant announced it would keep its dividend unchanged at $18.8 billion for the third quarter.

The company said it would continue to expand to meet demand.

"While global market volatility and economic uncertainty remain, events during the first half of this year support our view that continued investments in our industry are essential both to help ensure good supply of markets and facilitate an orderly energy transition", Aramco President Amin Nasser.

"In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures in short-term global forecasts," he added.

Oil prices were already growing before the war in Ukraine, as economies began to recover from the Covid-19 pandemic and demand exceeded supply.

The world's largest oil producers, including ExxonMobil, Chevron and BP, all posted big gains this year, leading to growing calls on governments to impose a temporary tax on those profits.

In June, U.S. President Joe Biden said Exxon had made "more money than God this year."

Saudi Arabia is the largest single producer in PEP, a group representing the world's largest oil producers.

Last week Opec + agreed to slightly increase production in an effort to help ease high oil prices. However, recent production growth is at a much slower rate than in recent months.

The decision was a blow to leaders, including President Biden, who have called for production to increase.


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