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Saudi oil giant Aramco sees profits jump as prices surge

EconomySaudi oil giant Aramco sees profits jump as prices surge

Riyadh (The Times Groupe)- The Saudi Arabian Oil Company Aramco has posted its highest profits since its listing in 2019 as oil and gas prices surge around the world.

Profits at Saudi’s state-owned energy giant jumped by 82% in the first quarter, topping $39.5 billion (£32.2 billion).

The Saudi Arabian public petroleum and natural gas company based in Dhahran stated in a press release that higher prices and increased production had helped its business.

Oil and gas prices have skyrocketed since the Russian invasion of Ukraine.

Although Russia is one of the world’s biggest exporters, Western nations have pledged to reduce their dependence on the country for energy.

The price of oil was already rising before the Ukraine war as economies began to recover from the COVID19 pandemic and demand outstripped supply.

Other energy companies, such as Shell, BP, and TotalEnergies, have also reported soaring profits as a result, although many are incurring costs related to exiting Russia operations.

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