Saudi Arabia: The giant Saudi oil company, Aramco, records a profit of nearly 300% in the second quarter of 2021

Saudi Arabia is the world’s largest oil exporter, and Aramco is the world’s largest oil producer and one of the most important companies in the world in terms of financial value.

The Saudi oil company, Aramco, recorded a nearly four-fold increase in profits, thanks to the increase in crude oil prices by more than 30% since the beginning of this year. This increased its net income by 288% to $25.5 billion in the second quarter of 2021.

The company’s CEO, Amin Al-Nasser, says that the company’s results for the second quarter reflect a strong return to global energy demand, and that there is increasing confidence that the coming period will be better. Nasser added that the company is entering the second half of 2021 more flexible and able to adapt, especially with the strengthening of the global recovery thanks to the easing of Corona restrictions, the availability of vaccines, stimulus measures, and the return of economic activity.

The global recovery in demand has left its clear positive imprints on oil prices, as the price of Brent crude rose to exceed $70 a barrel after the OPEC Plus group, which includes the Organization of Petroleum Exporting Countries, OPEC and its allies, agreed to reduce its oil production.

The financial conditions of the major global energy companies also improved. The giant American energy company, ExxonMobil, announced that its income rose by $4.7 billion in the second quarter, compared to losses of more than one billion dollars in the same period last year. In Europe, Royal Dutch Shell reported the company’s highest quarterly profit in more than two years.