Saudi Aramco sees third-quarter income rise to USD 30.4 billion

DUBAI: The world’s largest oil company, Saudi Aramco, reported $30.4 billion in third-quarter net income on Sunday, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases.

Saudi Arabia’s majority state-owned oil giant Aramco said its net income more than doubled from $11.8 billion during the same three-month period a year earlier. Last year’s figure came after profits plunged dramatically as global coronavirus lockdowns slammed oil prices.

Aramco CEO Amin Nasser described the company’s third-quarter results as “exceptional,” a result of “increased economic activity in key markets and a rebound in energy demand.” He acknowledged some remaining headwinds for the global economy due to supply chain bottlenecks.

The earnings came as the global loosening of virus-induced restrictions, tightening of gas supplies and acceleration of vaccination campaigns have pushed prices of crude sharply higher. The price of international benchmark Brent crude was trading at over $83 a barrel on Sunday.