Saudi Aramco, the world’s largest oil company, reported a nearly fourfold rise in second-quarter net profit on Sunday, bolstered by higher oil prices and a recovery in oil demand.
Aramco said its results, which topped analyst forecasts, were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.
Aramco’s net profit rose to 95.47 billion riyals ($25.46 billion) for the quarter ending June 30, from 24.62 billion riyals a year earlier. Analysts had expected a net profit of $23.2 billion, according to the mean estimate from five analysts.
Aramco, the Saudi state oil producer, joins other oil majors that have reported strong results in recent weeks.
Exxon Mobil last month said its net income for the second quarter came in at $4.69 billion, in contrast to a loss of $1.08 billion a year ago. Royal Dutch Shell reported its highest quarterly profit in more than two years, with adjusted earnings at $5.53 billion, compared with earnings of $638 million a year earlier.
Oil prices, helped by output cuts made by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC Plus, settled at $70.70 a barrel on Friday and have gained over 35 percent since the start of the year.
