Saudi Arabia’s largest oil company, Aramco breaks its own quarterly profit record with a $48.4 billion profit.

With a $48.4 billion (£39.8 billion) profit for the second quarter of 2022, Saudi Arabia’s largest oil company, Aramco, smashed its own record.

the largest revenues for the world’s top energy exporter since its public listing three years ago. It represents a gain of 90% year over year.

The invasion of Ukraine by Russia has caused gas and oil prices to soar. Russia is one of the major exporters in the world, but Western countries have vowed to reduce their reliance on it for their energy demands.

Bloomberg claims that the amount from the Saudi oil firm is “the greatest quarterly adjusted profit of any listed corporation.”Along with reporting record profits, the state-owned Saudi energy behemoth also disclosed that it would maintain its third-quarter dividend at $18.8 billion. The business declared that it would keep growing to meet demand.

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Events in the first half of this year “support our view that ongoing investment in our industry is essential both to help ensure markets remain well-supplied and to facilitate an orderly energy transition, even though global market volatility and economic uncertainty remain,” said Aramco President and Chief Executive Amin Nasser.

In fact, he continued, “despite downward economic pressures on short-term global predictions, we expect oil consumption to continue to expand for the rest of the decade.”

Before the Ukraine conflict, oil prices were already on the rise as demand outstripped supply and countries began to recover from the COVID-19 outbreak.

ExxonMobil, Chevron, and BP, three of the largest oil producers in the world, all reported enormous earnings this year, which has increased calls for governments to enact a windfall tax in response to an alarming spike in living expenses.

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US President Joe Biden claimed in June that Exxon had “more money than God this year.”

In Opec, a grouping of the major oil producers in the world, Saudi Arabia is the greatest individual producer.

In an effort to lower the high price of oil, Opec+ decided to marginally increase production last week. The most recent production output growth, nevertheless, is happening considerably more slowly than in recent months.

Leaders who had urged for increased production, including Mr. Biden, were disappointed by the outcome.

Story By Ernest Asamoah

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