DUBAI, Aug 8 — Saudi Arabian state oil producer Aramco on Sunday reported a near four-fold rise in second-quarter net profit, boosted by higher oil prices and a recovery on oil demand. Aramco said its results were supported by the global easing of Covid-19 restrictions, vaccination campaigns,...
DUBAI, Aug 8 — Saudi Arabian state oil producer Aramco on Sunday reported a near four-fold rise in second-quarter net profit, boosted by higher oil prices and a recovery on oil demand.
Oil prices, boosted by output cuts made by Opec and other oil producers, closed at US$70.70 a barrel on Friday and has gained over 35 per cent since the start of the year. Analysts had expected a net profit of US$23.2 billion, according to the mean estimate from five analysts. “Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,” Aramco CEO Amin Nasser said in a statement.
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