Saudi Aramco posts a 39-percent jump in third-quarter profits year on year, boosted by higher oil prices resulting largely from Russia's attack on Ukraine
The energy giant's net income totalled $42.4 billion — up from $30.4 billion during the same period last year — and was"primarily driven by higher crude oil prices and volumes sold".
Saudi Aramco has posted a 39-percent jump in third-quarter profits year on year boosted by higher oil prices resulting largely from Russia's attack on Ukraine. The energy giant's net income totalled $42.4 billion — up from $30.4 billion during the same period last year — and was "primarily driven by higher crude oil prices and volumes sold", it said in a filing with the Saudi stock exchange.
"While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," he said in a statement.Aramco's latest financial results were published just days before the COP27 climate summit aimed at curbing global warming.
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