Saudi Aramco profit jumps as oil prices soar

Soaring oil prices has led to big profits at Saudi Aramco.

The Saudi state oil company reported a 90% rise in second-quarter profit on Sunday, beating analyst expectations.

Besides higher oil prices, earnings jumped with help from volumes sold and refining margins.

The company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts,” Aramco chief executive Amin Nasser said in the earnings report.

Aramco’s net profit for the quarter rose to $48.39 billion, topping expectations of $46.2 billion, according to the mean estimate from 15 analysts.

It declared a dividend of $18.8 billion in the quarter, which will be paid in the third quarter.

Aramco joins other oil majors that have reported strong results in recent weeks.

On July 29, Exxon Mobil Corp posted its biggest quarterly profit ever, a net income of $17.9 billion.

Aramco shares have risen over 25% this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.

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