Saudi Aramco sees third-quarter income rise to $30.4 billion

The world’s largest oil company, Saudi Aramco, has reported $30.4 billion in third-quarter net income, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases

Earns Saudi Aramco (Copyright 2021 The Associated Press. All rights reserved)

The world’s largest oil company, Saudi Aramco reported $30.4 billion in third-quarter net income on Sunday, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases.

Saudi Arabia’s majority state-owned oil giant Aramco said its net income more than doubled from $11.8 billion during the same three-month period a year earlier. Last year’s figure came after profits plunged dramatically as global coronavirus lockdowns slammed oil prices.

Aramco CEO Amin Nasser described the company’s third-quarter results as “exceptional,” a result of “increased economic activity in key markets and a rebound in energy demand." He acknowledged some remaining headwinds for the global economy due to supply chain bottlenecks.

The earnings came as the global loosening of virus-induced restrictions, tightening of gas supplies and acceleration of vaccination campaigns have pushed prices of crude sharply higher. The price of international benchmark Brent crude was trading at over $83 a barrel on Sunday.

“We are optimistic that energy demand will remain healthy for the foreseeable future,” Nasser said.

Consumers and companies are using more gasoline and airplane fuel as governments relax restrictions, leading to a rally across energy markets.

Net income refers to the amount left after taxes and preferred dividends have been paid.