Saudi oil giant Aramco’s first-quarter profit surges 80%

DUBAI, United Arab Emirates – Oil giant Saudi Aramco said on Sunday that its profits soared more than 80% in the first three months of the year, as the state-backed company capitalizes on volatility in global energy markets. and the increase in oil prices after the fall of Russia. invasion of Ukraine.

Strong first-quarter earnings from the company formally known as Saudi Arabian Oil Co. show a record net income of $39.5 billion, up from $21.7 billion during the same period last year.

The revival of economic activity and the easing of global coronavirus restrictions had already revived demand for hydrocarbons and delivered strong full-year results for the state-backed company last year.

Oil prices rose to a 14-year high of $139 a barrel in March in the immediate aftermath of Russia’s invasion of Ukraine, though then fell back as Russian oil continued to flow and new blockades hit oil demand. in China. International benchmark Brent crude traded above $111 a barrel on Sunday.

Aramco overtook Apple as the world’s most valuable company as higher oil prices pushed its shares to record highs last week, with the company’s market capitalization at $2.43 trillion.

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