Saudi Arabia's state oil company, Saudi Aramco, has reported a significant surge in profits, with a 26% increase to £26.9 billion in the first quarter of the year. This impressive growth comes as a result of the company's east-west pipeline, which has enabled it to transport millions of barrels of oil out of the Gulf region despite ongoing conflict in the Middle East. The pipeline's strategic location has proven to be a game-changer for the company, allowing it to capitalize on rising global oil demand. As the world's largest oil producer, Saudi Aramco's financial performance is closely watched by investors and analysts, and this latest update is likely to have significant implications for the global energy market.
Saudi Arabia’s state oil company’s profits up 26% to £26.9bn in first three months of yearBusiness live – latest updatesSaudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East.Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn. Continue reading...
