As a result of increases in oil prices, sales volumes and refining margins, Aramco's second-quarter profit exceeded that of ExxonMobil, Shell and Chevron combined. It broke its quarterly profit record with a 90pc year-on-year jump to $48.4bn in the second quarter, which is more than it made in the first six months of 2021. The Aramco CEO acknowledged the market volatility and instability during the first half of this year but stated that the company forecast oil demand will continue to grow for the remainder of the decade, "despite downward economic pressures on short-term global forecasts.

Aramco 2Q profit at record on high oil prices

Posted On: November 9, 2022

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As a result of increases in oil prices, sales volumes and refining margins, Aramco’s second-quarter profit exceeded that of ExxonMobil, Shell and Chevron combined. It broke its quarterly profit record with a 90pc year-on-year jump to $48.4bn in the second quarter, which is more than it made in the first six months of 2021. The Aramco CEO acknowledged the market volatility and instability during the first half of this year but stated that the company forecast oil demand will continue to grow for the remainder of the decade, “despite downward economic pressures on short-term global forecasts.