Saudi Aramco profits jump despite conflict in Middle East
Summary
Saudi Aramco, Saudi Arabia’s state oil company, reported a 26% increase in profits in the first quarter, earning $33.6 billion. Despite conflict in the Middle East blocking key shipping routes, Aramco used its east-west pipeline to continue exporting large amounts of oil.Key Facts
- Saudi Aramco’s profit rose 26% to $33.6 billion in the first quarter.
- Revenue increased nearly 7% to $115.5 billion compared to last year.
- The east-west pipeline ships up to 7 million barrels of oil per day from the east coast to the Red Sea port of Yanbu.
- The Strait of Hormuz, a major oil shipping route, has been blocked due to the US-Iran conflict since late February.
- The blockade has caused world energy prices to rise about 40%, with oil at around $100 per barrel.
- Aramco’s CEO said normal market conditions may not return until 2027 if the blockade continues for several weeks.
- Aramco will keep its quarterly dividend steady at $21.9 billion.
- The Saudi government owns over 80% of Aramco, with the rest mainly held by its Public Investment Fund.
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