Saudi Aramco announces high USD48.4B income in 2nd quarter | MENAFN.COM

Wednesday, 28 September 2022 12:15 GMT

Saudi Aramco announces high USD48.4B income in 2nd quarter


(MENAFN) Oil giant Saudi Aramco on Sunday revealed high incomes of USD48.4 billion in the April-June 2022 period, following the Ukraine war and a post-pandemic rise in demand which increased crude costs.

Net income jumped 90 per cent on an annual basis for the world's biggest oil producer, which clocked its second straight quarterly record following reaching USD39.5 billion for the previous quarter.

"While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential - both to help ensure markets remain well supplied and to facilitate an orderly energy transition," on the words of Aramco president and CEO Amin H Nasser.

"In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts."

Net income increased 22.7 per cent from first quarter in "strong market conditions", Aramco stated. Half-year incomes reached USD87.9 billion, rising from USD47.2 billion for the same period of 2021.


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