Saudi oil giant Aramco posted a 39% rise in net profit in the third quarter of 2022 compared to the same period last year, the state-owned company, which is benefiting from high crude prices, said on Tuesday.
The increase in net profit to $42.43 billion from $30.43 billion in the third quarter of 2021 was “primarily due to higher crude oil prices and higher volumes sold,” Aramco said on the Aramco website. the Riyadh Stock Exchange.
The announcement comes as OPEC+ oil-exporting nations, led by Saudi Arabia and Russia, prepare to cut production to support oil prices, a move that has drawn the ire of Washington in recent weeks, in the context of the war in Ukraine. and the midterm elections in the United States.
“Oil will continue to grow”
Le PDG d’Aramco, Amin Nasser, is happy with “solid benefits” and a “record available cash flow” of 45 million dollars from the company, against 28.7 million dollars at the same time ‘last year.
“Our long-term view is that oil demand will continue to grow for the rest of the next decade, given the global need for more affordable and reliable energy,” it said in a statement.
After suffering from falling oil prices since 2014, Saudi Arabia has benefited from the oil boom accelerated by the war in Ukraine.
The Gulf monarchy notably posted an unusual budget surplus in the second quarter of 2022, thanks to rising oil revenues compared to last year, according to the Saudi Ministry of Finance.
The first Arab economy on Monday placed its economic growth at 8.6% in the third quarter of 2022 compared to the same period last year, “mainly due to the increase in oil activities.”
The International Monetary Fund has estimated that Saudi Arabia’s GDP (gross domestic product) is expected to grow by 7.6% this year.
Source: BFM TV
