The world’s largest oil company in Dubai, Saudi Aramco, today announced a net profit of $30.4 billion (€26.3 billion) for the third quarter. The positive outcome was driven by an increase in oil prices and a recovery in demand as the new coronavirus pandemic eases.
Aramco, the oil giant with majority state capital, said that the net profit more than doubled, compared to the same period last year, when it totaled 11.8 billion dollars (10.2 billion euros), referring to in both cases at the amount recorded after payment of taxes and dividends.
Amin Nasser, chief executive of Aramco, described the company’s third-quarter results as “outstanding”, driven by “increased economic activity in key markets and a recovery in energy demand.” The gains were obtained as a global policy of relaxing restrictions determined to fight the covid-19 pandemic is observed, given the problems in the supply of gas and the acceleration of vaccination campaigns, key factors responsible for the sharp rise in prices of crude oil.